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OpenStudy (anonymous):
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 hundredth of a year how long it takes for an amount of money to double if interest is compounded continuously at 7.3%. Round to the nearest tenth.
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OpenStudy (amistre64):
\[t=\frac{ln(2)}{r}\]
OpenStudy (amistre64):
r in this case = .073
OpenStudy (amistre64):
9.4951....
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