SOLUTION: how long does it take for $900 to double if it is invested at 7% compound continuously?
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Question 735670: how long does it take for $900 to double if it is invested at 7% compound continuously?
Answer by lwsshak3(11628) (Show Source): You can put this solution on YOUR website!
how long does it take for $900 to double if it is invested at 7% compound continuously?
Formula for continuous compounding: A=Pe^rt, P=initial amt, r=interest rate, A=amt after t years
For given problem:
A/P=2
r=.07
e^rt=2
take log of both sides
rt*lne=ln2
lne=1
rt=ln2
t=ln2/r=ln2/.07≈9.9≈10 years
At 7% compound continuously,$900 to double in approximately 10 yrs
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