Question

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 tenth of a year how long it takes for an amount of money to double if interest is compounded continuously at 5.2%.

Answer 1

same as the last one

Answer 2

\[\large e^{.052t}=2\] solve for \(t\)

Answer 3

I didn't mean to post the first part. I was searching and then the site wanted me to make an account and auto posted my search

Answer 4

ok
do you know how to solve the equation i wrote above?

Answer 5

"no" is a fine answer, i am just asking
i can show you if you do not

Answer 6

Is the answer 1.3330?

Answer 7

i doubt it
if my money could double at a mere \(5.2\%\) interest in 1.33 years i would be a millionaire by now

Answer 8

well one of the answer choices is 13.3 years, so I was just thinking the decimal would be moved

Answer 9

start with
\[\large e^{.052t}=2\] the \(2\) because you are asked how long before it double

Answer 10

write in equivalent logarithmic form as
\[.052t=\ln(2)\]

Answer 11

then since you want \(t\) divide by \(.052\) to get
\[t=\frac{\ln(2)}{.052}\] and a calculator to finish

Answer 12

I got 19.231

Answer 13

Did I miss a step?