Question

Katy put $3000 into his bank account.  If the account pays 6% interest compounded continuously, when will it be worth $6000?   Round to 3 decimal places.​

Answer 1

11.55 years

Explanation:

Given data

Principal= $3000

Rate= 6%

Final Amount= $6000

expression for the time is given as

t = ln(A/P) / r

Substitute

t= ln(6000/3000)/0.06

t= ln(2)/0.06

t= 0.693/0.06

t= 11.55 years

Hence the time is 11.55 years