Lee has invested $2800 in a venture company, he receives 6.5 % interest in a year, compounded continuously. how long will it take his money to double

Step-by-step explanation:

we know that

The formula to calculate continuously compounded interest is equal to

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest in decimal  

t is Number of Time Periods  

e is the mathematical constant number

we have  

substitute in the formula above

solve for t

simplify

Apply ln both sides

Apply property of logarithms

answer: it is 1: 47 pm