Lagre392 Lagre392

03-01-2017
Mathematics

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The amount of money in an account with continuously compounded interest is given by the formula A=Pe^rt, where P is the principal, r is the annual interest rate, and t is the time in years. Calculate to the nearest hunderdth of a year how long it takes for an amount of the money to double if the interest is compounded continuously at 6.2 %. Round to the nearest tenth

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Aliwohaish12 Aliwohaish12

03-01-2017

2p=pe^0.062t
2=e^0.062t
0.062t = ln2
t = 11.2 years

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