Statistics Solutions

[Solution Library] Suppose that an amount P_0 is invested in a savings account at interest rate k compounded continuously. Then the amount P(t) in the account

Question: Suppose that an amount \[{{P}_{0}}\] is invested in a savings account at interest rate \[k\] compounded continuously. Then the amount \[P(t)\] in the account after \[t\] years is given by \[P(t)={{P}_{0}}{{e}^{kt}}.\]

How long does it take $5,000 to grow to $10,000 at 12% compounded continuously?

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