Question

the amount of money in an account with continuously compounded interest is given by the formula A = Pert, where P is the principal, r is the annual interest rate, and t is the time in years. Calculate to the nearest tenth of a year how long it takes for an amount of money to double if interest is compounded continuously at 5.2%. 5.9 years 13.3 years 1.3 years 0.6 years

Answer 1

2=e^.052t
ln 2=ln e^0.052t=0.052t ln e=0.052t
t=(ln 2)/0.052=13.33 years
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