Lisa, a real estate agent, earned a Big commission for selling a house. If she puts the money into an account that earns 11.32% interest compounded continuously, how long will it take for her money to double? Round your answer to the nearest month.

Question

Mathematics

Rigoberto Butler

11 June, 02:54

Lisa, a real estate agent, earned a Big commission for selling a house. If she puts the money into an account that earns 11.32% interest compounded continuously, how long will it take for her money to double? Round your answer to the nearest month.

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Answers (1)

Know the Answer?

Halle Weiss · Answer 1

6 years and 1 month

Step-by-step explanation:

A = Pe^rt

Since you need to find the double A=2P

2P=e^0.1132t

0.1132t=ln 2

0.1132t=0.693

t = 6.12

6 years and 1 month

ps: I think this is right but I'm not sure I had the same problem and I got this.