You can put this solution on YOUR website! Find the interest rate needed for an investment of $5600 to double in 7 yr if interest is compounded continuously. (Round your answer to two decimal places.)
Compound interest formula for continuous compounding: A=Pe^rt, P=initial amt, r=annual interest rate, A=amt after t years.
For given problem:
take log of both sides
note: initial investment of $5600 not needed for solution