$3000 is invested in an account at interest rate r, compounded continuously. Find the time required for the amount to triple. (Approximate the result to two decimal places.)

Step-by-step explanation:

The value of r is the question is

r=0.03

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

Apply ln both sides

Apply property of logarithms

Remember that

the correct answer is the second option

the first one, all those points on the line just make a strait line.