cinthia91
contestada

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.​

Respuesta :

samuelonum1

Answer:

11.55 years

Step-by-step 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

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