SOLUTION: The formula A= P e^rt describes the accumulation value A, of a sum of money P, the principal, after t years at annual percentage rate r (in decimal form) compounded continuously.
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Question 1104541: The formula A= P e^rt describes the accumulation value A, of a sum of money P, the principal, after t years at annual percentage rate r (in decimal form) compounded continuously.
Amount invested= $6500
Annual interest rate= 11%
Accumulated amount= Double the amount invested
What is the Time (t) in years?
(Round to one decimal place)
Answer by josgarithmetic(39630) (Show Source): You can put this solution on YOUR website!
Show the basic formula this way:
You are looking for t when this occurs, for the question part:
-
------------formula for the doubling-time.
Use r=0.11 to find the correct value for t.
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