SOLUTION: If $1000 is invested at 4.5% compounded continuously, how long will it take before the investment doubles?
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Question 524103: If $1000 is invested at 4.5% compounded continuously, how long will it take before the investment doubles?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
If $1000 is invested at 4.5% compounded continuously, how long will it take before the investment doubles?
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A(t) = P*e^(rt)
2000 = 1000*e^(0.045t)
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e^0.045t = 2
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Take the natural log to get:
0.045t = ln(2)
t = ln(2)/0.045
t = 15.4 years
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Cheers,
Stan H.
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