Question

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?

Answer 1

12000 = 6000(e^(.06t) )
2 = e^(.06t)
take ln of both sides
ln2 = ln(e^(.06t))
ln2 = .06t (lne) , but lne = 1
.06t=ln2
t = ln2/.06
t = appr 11.55 years

Answer 2

Which symbol correctly compares these fractions?


13 7
___ __
20 10
__