Question

Approximately how long will it take an investment of $300 to triple, if the interest rate is 3.5% per year compounded continuously?

Answer 1

Formula: A(t)=Pe^rt
A=3*300=900
r=3.5%=0.035
P=300
=> 900=300e^0.035t
=>3=e^0.035t
=>ln3=lne^0.035t
=>1.09=0.035t
=>t=1.09/0.035=31 yeears

Answer 2

correct