to double, set the left side = 5000
5000 = 2500 e^(.085t)
2 = e^(.085t)
take ln of both sides
ln2 = ln (e^(.085t))
ln2 = .085t(lne) , but lne = 1
t = ln2/.085 = 8.1546 years
for the b) part, set the left side = 7500 and follow my steps
$2500 is invested in an account at interest rate r, compounded continuously. Find the time required for the amount to (a) double and (b) triple.
r=0.085
I know you use the formula A=Pe^rt and you would start by setting it up as follows:
A=(2500)e^(0.085)(t)
I'm not sure where to go from there. Any help would be greatly appreciated.
1 answer
1 answer