SOLUTION: An investment with interest compounded continuously doubled itself in 16yr. What is the interest rate? I don't know how to start this problem? I know it will be 2x*16?

Question 265423: An investment with interest compounded continuously doubled itself in 16yr. What is the interest rate?
I don't know how to start this problem? I know it will be 2x*16?
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
An investment with interest compounded continuously doubled itself in 16yr. What is the interest rate?
I don't know how to start this problem? I know it will be 2x*16?
----------------
FV = PV*e^rt for continuous compounding
Future Value = 2 x Present Value, so
2 = e^rt
2 = e^16r
16r = ln(2)
r = ln(2)/16
r =~ 4.33217% per year
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