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anonymous
 one year ago
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%.
anonymous
 one year ago
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
 one year ago
Best ResponseYou've already chosen the best response.0I think I do t= ln (2)  .052 but not sure.

wolf1728
 one year ago
Best ResponseYou've already chosen the best response.1Here'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
 one year ago
Best ResponseYou've already chosen the best response.0Oh 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

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Thank you for helping me :) It's appreciated

wolf1728
 one year ago
Best ResponseYou've already chosen the best response.1You are welcome By the way, here's a calculator to check your answer: http://www.1728.org/compint.htm It calculates 13.3298

wolf1728
 one year ago
Best ResponseYou've already chosen the best response.1And thanks for the medal :)
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