Amanda plans on going to the amusement park this Friday. It costs $25.00 to
2 answers:
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Answer:
Step-by-step explanation:
When the interest compounds continuously, our formula is
If we start with 10000 and are looking for how long, t, it takes to double, we are looking for how long it will take for our account to have 2 times 10000. That's 20000. Therefore, our equation is
Divide both sides by 10000 to get
Take the natural log of both sides to "undo" that e:
Again, since ln and e undo each other what we have now is
ln(2) = .11t and
so
t = 6.3 years