Posted by **david** on Friday, May 27, 2011 at 2:31pm.

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 hundredth of a year how long it takes for an amount of money to double if interest is compounded continuously at 3.8%. Round to the nearest tenth.

- algebra -
**Reiny**, Friday, May 27, 2011 at 7:45pm
so you are solving

2 = 1(e^(.038t))

ln2 = ln(e^(.038t))

ln2 = .038t(lne) but lne = 1

.038t = ln2

t = ln2/.038 = 18.24 yrs

- algebra2 -
**Fernando**, Thursday, December 27, 2012 at 8:03pm
Suppose you invest $2500 at an annual interest rate of 3% compounded continuously. How much will you have in the account after 7 years? Round the solution to the nearest dollar. ?

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