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    Jwnmw02

    How Long Will It Take To Double My Money? At 6% Interest Rate And Continuous Compounding, What Is The Answer? Round To The Hundredth's Place. Can You Help?

    Starting deposit is $3000(P), 6%(r) , t is the number of years, and A is the amount of return. The formula is A=Pe^rt where e=approximately 2.7183--show your work please.

    asked 4 months ago

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    Xarsh

    Let A = 6000, P = 3000, r = .06, and t =?

    6000 = 3000 e^.06t
    6000/3000 = e^.06t
    2 = e^.06t

    Take ln of both sides. ln (e^x) is always equal to x

    ln 2 = .06t
    (ln 2)/.06 = t
    11.55 years = t

    t = 11.55 years >>answer

    answered 4 months ago   

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