Victoria deposits money into an account bearing 5 3/8% annual interest compounded continuously.

Question

1.) How long will it take her money to triple?

2.) How long will it take her money to sextuple? 

Answer 1

A = pe^rt, where p = principal, e = Euler's number r = rate, t = time

 

2p = pe^(0.05375)t

2 = e^0.05375t

ln 2 = ln e^0.05375t

ln 2 = 0.05375 ln e

ln 2 = 0.05375t

0.6931 ≈ 0.05375t

13.14 ≈ t