SOLUTION: Crystal has $750 to invest at 8% annual interest compounded continuously. How long will it take for her investment to double? Round to the nearesthundredth of a year.

Question 1158423: Crystal has $750 to invest at 8% annual interest compounded continuously. How long will it take for her investment to double? Round to the nearesthundredth of a year.
Answer by Shin123(626) (Show Source): You can put this solution on YOUR website!
The formula for continuous compounding is , where e=2.71828... and P is the amount you invest at the beginning. So we have . . Taking the natural logarithm of both sides gives . . Using a calculator to approximate, we have . It will take about 8.66 years for the investment to double.
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