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How long will it take for an investment of $3000 to double in value if the interest rate is 7.5% per year, compounded continuously? (Round your answer to two decimal places.)
 2 years ago
 2 years ago
How long will it take for an investment of $3000 to double in value if the interest rate is 7.5% per year, compounded continuously? (Round your answer to two decimal places.)
 2 years ago
 2 years ago

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gandalfwizBest ResponseYou've already chosen the best response.1
Vn=Or(1+orrate)n Values after n years equals the original value times (1 +or the rate)to the n years power
 2 years ago

gandalfwizBest ResponseYou've already chosen the best response.1
solve for n and that's your answer
 2 years ago

gfoste00Best ResponseYou've already chosen the best response.0
cause that doesnt make sense
 2 years ago

101Ryan101Best ResponseYou've already chosen the best response.1
Actually, this is the equation because it's compounded continuously... 6000 = 3000e^(.075t) divide both sides by the 3000 and then take the natural log to get rid of the e. ln(2000) = .075t t = ln(2000)/.075 ~ 101.3453661... 101.35 years (rounded)
 2 years ago
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