Eli earned some money doing odd jobs last summer, but wants to buy a bike that costs twice that much. If he puts the money into an account that earns 12.23% interest compounded continuously, how long will it take for his money to double?
$2 ==$1 x e^(0.1223n)
Take the natural log of both sides
Ln(2) ==0.1223n, solve for n
0.693147181 == 0.1223n
n ==0.693147181 / 0.1223
n==5.668 years - to double his money