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Carla deposited $ 8000 in an account that pays 6.75% annual interest compounded continuously. How many years will it take for the money in her account to double.



Answer :

Answer:

Step-by-step explanation:

The amount she deposited is irrelevant

  we want it to double

    continuous compounding formula

           m = e^rt       m = multiplier = 'double' = 2

                                 r = decimal interest rate per year = .0675

                                 t = years = ?

2 = e^(.0675 t)       take ln of both sides

ln 2 = .0675 t

 t = 10.3 years

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