anonymous
  • anonymous
Help please - 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 tenth of a year how long it takes for an amount of money to double if interest is compounded continuously at 5.2%.
Mathematics
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anonymous
  • anonymous
Help please - 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 tenth of a year how long it takes for an amount of money to double if interest is compounded continuously at 5.2%.
Mathematics
katieb
  • katieb
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anonymous
  • anonymous
I think I do t= ln (2) -------- .052 but not sure.
wolf1728
  • wolf1728
Here's a page that shows the formula: http://www.1728.org/rate2.htm We'll say the principal is $100 and the total is $200 Years = [natural log(Total / Principal)] / rate Years = [natural log(200 / 100)] / .052 Years = 0.69314718056 / .0052 Years = 13.3297534723
anonymous
  • anonymous
Oh okay so you just used whats on that site and applied it to my thing. I'll read through this. And I my formula i had up there gave me 13.3 too

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anonymous
  • anonymous
Thank you for helping me :) It's appreciated
wolf1728
  • wolf1728
You are welcome By the way, here's a calculator to check your answer: http://www.1728.org/compint.htm It calculates 13.3298
wolf1728
  • wolf1728
And thanks for the medal :-)
anonymous
  • anonymous
Np!

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