$\$ 3000$ is invested in an account at interest rate $r=0.045$, compounded continuously. (Round your answers to two decimal places.)
(a) Find the time required for the amount to double.
(b) Find the time required for the amount to triple.

Answer

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Answer

Substituting the values, we get: $ t \approx 23.07 $ years

Steps

Step 1 ：To find the time required for the amount to double, use the formula: $ t = \frac{\ln(2)}{0.045} $

Step 2 ：Substituting the values, we get: $ t \approx 15.42 $ years

Step 3 ：To find the time required for the amount to triple, use the formula: $ t = \frac{\ln(3)}{0.045} $

Step 4 ：Substituting the values, we get: $ t \approx 23.07 $ years