Show the applications of exponential function

Reference no: EM1318189

Applications of exponential function: Principal, rate, time.

A person deposits $3,000 in a bank account which pays 3% annual interest compounded continuously. How many years will it take for the amount of money in the account to double? Use the above process to determine an exact solution and the check your solution using the estimate of the "law of 72".

Reference no: EM1318189

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