Question 1183369
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You deposit $8,329 in an account that pays 2.12% interest, compounded continuously. How long will it take for the money to triple?
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<pre>
Use the basic formula for accounts compounded continuously


    3*8329 = {{{8329*e^(0.0212*t)}}}.


In this equation t is the unknown time in years.


    {{{3*8329/8329}}} = {{{e^(0.0212*t)}}}


    3 = {{{e^(0.0212*t)}}}


Take the natural logarithm of both sides


    ln(3) = 0.0212*t


    t = {{{ln(3)/0.0212}}} = 51.821.


<U>ANSWER</U>.  In 51.821 years.  Or 51 years and 300 days  (51 years and 10 months).
</pre>


Solved.


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To see many other similar solved problems, look into the lesson

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=https://www.algebra.com/algebra/homework/logarithm/Problems-on-continuously-compound-accounts.lesson>Problems on continuously compounded accounts</A> 

in this site, and learn the subject from there.



After reading this lesson, you will tackle such problems on your own without asking for help from outside.


Also, &nbsp;you have this free of charge online textbook in ALGEBRA-I in this site

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson>ALGEBRA-I - YOUR ONLINE TEXTBOOK</A>.


The referred lesson is the part of this online textbook under the topic "<U>Logarithms</U>".



Save the link to this online textbook together with its description


Free of charge online textbook in ALGEBRA-I
https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson


to your archive and use it when it is needed.



Happy learning (!)