SOLUTION: How quickly will money triple if it is invested at 7% interest compounded continuously?
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Question 1138321: How quickly will money triple if it is invested at 7% interest compounded continuously?
Answer by MathLover1(20850) (Show Source): You can put this solution on YOUR website!
The compound interest formula is:
Where is the current value, is the initial investment, is the rate, and is time.
If an investment , that means is currently equal to
Your interest rate is %, or,
So
....simplify, both sides divide by
......take natural logarithm
......
years
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