Question

A bank pays interest continuously at the rate of 6%. How long does it take for a deposit of Q0 to grow in value to 2Q0?

Answer 1

@ganeshie8 @SolomonZelman @campbell_st @eliassaab @mathmate @StudyGurl14 @tester97 @Ashleyisakitty @Jhannybean

Answer 2

Find t so that
\[
Q(t)= Q_0
\ e^{0.06 t}= 2 Q_0
\]

Answer 3

This t does not depend on \( Q_0\)

Answer 4

In fact you can show that \[
t=\frac {\ln 2}{.06}=11.5525
\]

Answer 5

But the answer is \[\frac{ 50\ln 2 }{ 3 } yrs\]

Answer 6

The answers are the same but is it okay if I leave the answer as ln(2)/0.06 instead of book's answer?

Answer 7

They are the same.

Answer 8

Thanks.