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Mike Hallenberg deposited some money into a bank account that earns 5.6% interest compounded continuously. How long would it take to double the amount of money in Mr. Hallenberg's account?

Guest Nov 19, 2018
 #1
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2P  = P*e^(.056 * t)          divide both sides by P

 

2  =   e^(.056 * t)          take the natural log of both sides

 

Ln 2  = Ln e^(.056 * t)       and we can write

 

Ln 2   =  (.056 * t )  * Ln   e         since Ln e  =   1, we can ignore this

 

Ln 2   = .056 * t       divide both sides by .056

 

Ln 2  / .056   = t  ≈  12.37   yrs

 

 

cool cool cool

CPhill  Nov 19, 2018

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