Question

The formula A= Pe^rt, calculate to the nearest hundreth of a year how long it takes for an amount of money to double if interest is compounded continuously at 6.2%

Answer 1

solve \[e^{.062t}=2\] for \(t\)

Answer 2

How do I reach there again...?

Answer 3

Do I add the on to both sides?

Answer 4

Ln**

Answer 5

A= P*e^rt
You have to solve for 't'

Answer 6

You need the total (A) to be twice the beginning amount so
2 = 1 * e^.062 * t

to solve for t you need to take the log of both sides

Answer 7

But because of the e, its ln, isn't it? Like ln2 = lne^.062t

Answer 8

ln means natural log
ln(2) = .062 * t * ln(e)
0.6931471806 = .062 * t * 1
t = 0.6931471806 / .062
t = 11.1797932355 years

t= 11.18 years (rounded)

Answer 9

Thanks for the medal!