SOLUTION: If you wish to double your investment in 8 years, what continuous compound interest rate must you obtain for your investment? So I'm using the rule of 69.3 instead of the rule o

Algebra ->  Finance -> SOLUTION: If you wish to double your investment in 8 years, what continuous compound interest rate must you obtain for your investment? So I'm using the rule of 69.3 instead of the rule o      Log On


   

Question 949839: If you wish to double your investment in 8 years, what continuous compound interest rate must you obtain for your investment?
So I'm using the rule of 69.3 instead of the rule of 72 because it's more accurate.
69.3147/8 = 8.66
8.66%
Is this correct? Thanks.
Answer by Alan3354(69443) About Me  (Show Source):
You can put this solution on YOUR website!
If you wish to double your investment in 8 years, what continuous compound interest rate must you obtain for your investment?
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2%2AAMT+=+AMT%2Ae%5E%28rt%29
2+=+e%5E%28r%2A8%29
ln(2) = r*8
r = ln(2)/8
r =~ 0.08664 = 8.664%