SOLUTION: How long will it take to double my money at 8% interest rate and continuous compounding?
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Question 125772: How long will it take to double my money at 8% interest rate and continuous compounding?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
How long will it take to double my money at 8% interest rate and continuous compounding?
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A(t)=Pe^(rt)
Assume you have one dollar: P=1
When will you have two dollars?
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2 = 1*e^(0.08t)
Take the natural log of both sides?
ln2 = 0.08t
t = 8.66 years
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Cheers,
Stan H.
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