I posted this question earlier incorrectly: I could still use some help figuring it out.
A student deposits $6,000 in a savings account with 6% continuously compounded interest. How many years must he wait until the balance has doubled?
Algebra - Reiny, Wednesday, June 27, 2012 at 7:36am
12000 = 6000(e^(.06t) )
2 = e^(.06t)
take ln of both sides
ln2 = ln(e^(.06t))
ln2 = .06t (lne) , but lne = 1
t = ln2/.06
t = appr 11.55 years
Algebra - shelby, Wednesday, June 27, 2012 at 9:10am
Which symbol correctly compares these fractions?