SOLUTION: Find the time required for a $7000 investment to double at interest rate r = 0.075, compounded continuously. (Round to 2 decimal places.)

Algebra ->  Average -> SOLUTION: Find the time required for a $7000 investment to double at interest rate r = 0.075, compounded continuously. (Round to 2 decimal places.)       Log On


   

Question 628985: Find the time required for a $7000 investment to double at interest rate r = 0.075, compounded continuously. (Round to 2 decimal places.)
Answer by Alan3354(69443) About Me  (Show Source):
You can put this solution on YOUR website!
Find the time required for a $7000 investment to double at interest rate r = 0.075, compounded continuously. (Round to 2 decimal places.)
---------
FV+=+PV%2Ae%5E%28rt%29
14000+=+7000%2Ae%5E%280.075t%29
e%5E%280.075t%29+=+2
0.075t = ln(2)
t = ln(2)/0.075
t =~ 9.24 periods