How long does it take for a deposit of $500 to double at ​3% compounded​ continuously?

Question

How long does it take for a deposit of $500 to double at ​3% compounded​ continuously?

Use the model A=A0 e^kt or in A/A0=kt

Answer 1

The given information in the problem is A₀=500 and k=.03. Since you want the amount of money to double, that tells you that A=2*A₀=1000. Now you have something to plug in for everything except t which is what you want to solve for: 1000=500e^(.03t)