Jamie invests $500 in an account that is compound continuously at an annual rate of 5% according to the formula A=Pe^rt, where A is the amount accrued, P is the principal, r is the rate of interest and t is the time in years. approximately how many years will it take Jamie's money to double?
1000=500e^(.05)t
2=e^.05t
ln2=.05t
t=13.9
1 answer
yes
1 answer