<PRE><B>Question 412133</B>
Suppose $50,000 was deposited in the bank with an interest rate of 5.5% annually, compounded continuously.
A(t) = Pe^(rt)
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A) How long will it take to double the original amount?
2P = P*e^(rt)
e^(rt) = 2
e^(0.055t) = 2
0.055t = ln(2)
t = [ln(2)]/0.055
t = 12.6 years
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B) Find the balance after 30 years.
Solve A(30) = 50,000*e^(0.055*30)
A(30) = $260,348.99
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C) Determine how many years it will take for the amount to be %1,000,000.
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Solve 1,000,000 = 50,000e^(0.055t)
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Cheers,
Stan H.
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