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21 September, 22:07

The amount of money in an account with continuously compounded interest is given by the formula A=Pe^rt, where P is the principal, r is the annual interest rate, and t is the time in years. Calculate to the nearest hunderdth of a year how long it takes for an amount of the money to double if the interest is compounded continuously at 6.2 %. Round to the nearest tenth

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  1. 21 September, 22:27
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    2p=pe^0.062t

    2=e^0.062t

    0.062t = ln2

    t = 11.2 years
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