<PRE><B>Question 135677</B>
If $3000 is invested in an account that pays interest compounded continuously, how long will it take to grow $6000 at 7%?

The formula need is:

A = Pe^rt, where A = amount, P = principal, r = rate (our percent) and t = time

A = 6000

r = 0.07

t = what we are looking for

P = 3000

We now plug and chug.

6000 = 3000e^(0.07)(t)

First divide both sides by 3000.

6000/3000 = e^(0.07)(t)

2 = e^(0.07)(t)

NEXT: Rewrite as a log.

0.07t = In2

Divide both sides by 0.07 to fnd t.

t = In2/0.07

t = 9.902102579

Round 9.902102579 to the nearest ones place and we get 10.

The answer is 10 years.





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