SOLUTION: How long will it take for an investment of $1000 to double in value if the interest rate is 7.5% per year, compounded continuously?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: How long will it take for an investment of $1000 to double in value if the interest rate is 7.5% per year, compounded continuously?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 377714: How long will it take for an investment of $1000 to double in value if the interest rate is 7.5% per year, compounded continuously?
Answer by robertb(5830) About Me  (Show Source):
You can put this solution on YOUR website!
2000+=+1000e%5E%280.075%2At%29,
2+=+e%5E%280.075%2At%29,
ln2+=+0.075t,
t = ln2/0.075
t = 9.24 years.