Interest rate over time

Question

How many years will it take for an initial investment of $60,000 to grow to $90,000? Assume a rave interest of 12% compounded continuously

Answer 1

60000 * exp(0.12t) = 90000

exp(0.12t) = 3/2

0.12t = ln(3/2) = ln3 - ln 2

t = ( ln 3 - ln 2)/ 0.12 = 3.3788759009013

3 years 4 and 1/2 months

Answer 2

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