document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=235929>Question 235929</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A commonly asked question is, “How long will it take to double my money?” At 7% interest rate and continuous compounding, what is the answer? Round your answer to the hundredth's place. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #173700 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=173700\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> A commonly asked question is, “How long will it take to double my money?” At 7% interest rate and continuous compounding, what is the answer? Round your answer to the hundredth's place.<BR>\n" );
document.write( "A(t) = Pe^(rt)<BR>\n" );
document.write( "----<BR>\n" );
document.write( "If P is doubled you get:<BR>\n" );
document.write( "2P = Pe^(rt)<BR>\n" );
document.write( "e^(rt) = 2<BR>\n" );
document.write( "---<BR>\n" );
document.write( "Take the natural log of both sides:<BR>\n" );
document.write( "rt = ln(2)<BR>\n" );
document.write( "t = [ln(2)]/r<BR>\n" );
document.write( "t = [ln(2)]/0.07<BR>\n" );
document.write( "t = 9.9 years (time to double the money at 7% interest compouded continuously)<BR>\n" );
document.write( "====================================================<BR>\n" );
document.write( "Cheers,<BR>\n" );
document.write( "Stan H. </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );