Complete the table for a savings account subject to continuo

Complete the table for a savings account subject to continuous compounding. (A = P e^rt) Let A represent the accumulated amount, P the amount invested, r the annual interest rate, and t the time. Find the time, t. t TildeTilde 23.1 years (Round to one decimal place as needed.)

Solution

A = Pe^rt

18000 = 9000e^(0.03t)

2 = e^(0.03t

take natural log on both sides:

ln(2)/0.03 = t

t = 23.10 = 23.1 years