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Answer:
a) 3.18 years
b) 13.52 years
c) 23.10 years
Step-by-step explanation:
Solving for t, we find ...
A = Pe^(rt)
A/P = e^(rt)
ln(A/P) = rt
t = ln(A/P)/r
For P=100 and r=.03, the times are ...
a. $110: t = ln(110/100)/.03 ≈ 3.18 years
b. $150: t = ln(150/100)/.03 ≈ 13.52 years
c. $200: t = ln(200/100)/.03 ≈ 23.10 years
