SOLUTION: How long will it take for $2,000 to double at 6% interest, compounded continuously? Round your answer to the nearest hundredth of a year.
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Question 1160546: How long will it take for $2,000 to double at 6% interest, compounded continuously? Round your answer to the nearest hundredth of a year.
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
You want the future value to be twice the present value, so:
\ =\ \ln(2))
)
}{r})
Plug in 6% as a decimal and do the arithmetic.
John
My calculator said it, I believe it, that settles it
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