SOLUTION: How long does it take for $3800 to double if it is invested at 7% compounded continuously? Round your answer to two decimal places, if necessary.

Question 1140176: How long does it take for $3800 to double if it is invested at 7% compounded continuously? Round your answer to two decimal places, if necessary.
Found 2 solutions by josgarithmetic, MathTherapy:
Answer by josgarithmetic(39617) (Show Source): You can put this solution on YOUR website!

about 9 years 47 weeks
Answer by MathTherapy(10552) (Show Source): You can put this solution on YOUR website!
How long does it take for $3800 to double if it is invested at 7% compounded continuously? Round your answer to two decimal places, if necessary.

Formula for time (t) that it takes an amount (PV) to "balloon" to a specific amount (FV), when compounded continuously:
Since the investment will double the FV (A) and PV (P) are unnecessary, and so we use 2 for A, and 1 for P.
And, with r being annual interest rate, and t being time, in years, we get:
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