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.)
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{{{FV = PV*e^(rt)}}}
{{{14000 = 7000*e^(0.075t)}}}
{{{e^(0.075t) = 2}}}
0.075t = ln(2)
t = ln(2)/0.075
t =~ 9.24 periods