You deposit $1000 into an account that pays interest at a 5.5% annual rate compounded continuously. After years, the balance in your account is given by the equation . How long will it take for the balance to grow to $2000? Round your answer to the nearest tenth.

Answer 1

1000 e^(.055t) = 2000
e^(.055t) = 2
take the ln of both sides
.055t lne = ln 2, but ln e = 1
solve for t