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%.

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- anonymous

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- anonymous

I think I do
t= ln (2)
--------
.052 but not sure.

- 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

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

Thank you for helping me :) It's appreciated

- 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

And thanks for the medal :-)

- anonymous

Np!

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