SOLUTION: How long does it take for $1875 to double if it is invested at 10% compounded continuously? Round your answer to two decimal places, if necessary.
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-> SOLUTION: How long does it take for $1875 to double if it is invested at 10% compounded continuously? Round your answer to two decimal places, if necessary.
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Question 1140561: How long does it take for $1875 to double if it is invested at 10% compounded continuously? Round your answer to two decimal places, if necessary. Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! P=Poe^rt, to double, P=2Po, or P/Po=2
2=e^rt
ln 2=rt
0.693=.10*t
t=6.93 years. The rule of 70 would say 7 years. Note that the amount of money is irrelevant if all one wants is the doubling time.
