SOLUTION: Find out how long it takes for an investment of $2500 to double if it is invested at 8% compounded continuously. Use the formula A=Pe^rt
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Question 153487: Find out how long it takes for an investment of $2500 to double if it is invested at 8% compounded continuously. Use the formula A=Pe^rt
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Find out how long it takes for an investment of $2500 to double if it is invested at 8% compounded continuously. Use the formula A=Pe^rt
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5000 = 2500e^(0.08t)
2 = e^(0.08t)
Take the natural log of both sides to get:
0.08t = ln2
t = 8.6643... years
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Cheers,
Stan H.
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