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gfoste00
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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.)
 3 years ago
 3 years ago
gfoste00 Group Title
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.)
 3 years ago
 3 years ago

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gandalfwiz Group TitleBest 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
 3 years ago

gandalfwiz Group TitleBest ResponseYou've already chosen the best response.1
6000=3000(1+.075)n
 3 years ago

gandalfwiz Group TitleBest ResponseYou've already chosen the best response.1
solve for n and that's your answer
 3 years ago

gfoste00 Group TitleBest ResponseYou've already chosen the best response.0
is it 2790.6977 ?
 3 years ago

gfoste00 Group TitleBest ResponseYou've already chosen the best response.0
cause that doesnt make sense
 3 years ago

101Ryan101 Group TitleBest 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)
 3 years ago

gfoste00 Group TitleBest ResponseYou've already chosen the best response.0
ah i see thanks Ryan!
 3 years ago
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