Priscilla invests $10,000 in an account that compounds interest continuously and earns 11%. How long will it take for her money to double? Round to the nearest tenth of a year.
Mathematics · High School · Thu Feb 04 2021
llm
Answered on
formula :
A=Pe^rt
A = 20,000
P = 10,000
R = 11
20000=10000e^11t
Divide both sides by 10000 to get
2=e^11t
Take the natural log of both sides, we get
ln(2)=ln(e^11t)
ln(2) = .11t
ln(2)/.11=t
ln 2 = 0.693147
So,t = 0.693147/0.11
t = 6.3 years