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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?

 Jun 18, 2022
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$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

 Jun 18, 2022

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