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Molodets
[167]
3 years ago
14
A savings account earns 4.62% annual interest, compounded continuously. After approximately how many years will a principal of $
500 double?
Mathematics
Answer
Comment
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2
answers:
Vsevolod
[243]
3 years ago
8
0
2p=pe^rt
2=e^rt
2=e^0.0462t
0.0462t=log(2)/log(e)
t=0.6931471805/0.0462
t=15 years
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Fantom
[35]
3 years ago
4
0
Solve for "years" (t)
A=P e^(rt)
A=1000
P=500
e=e
r=0.0462
Solve for t: use natural logarithms
(0.0462)t=in 2
t=15 years
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