How long will it take for an investment of $3000 to double in value if the interest rate is 8.5% per year, compounded continuously? Please round your answer to two decimal places.
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Solve this equation : 6000 = 3000(e ^ (N*r)), where N = unknown value and r = 8.5 percent
It should be one of the formulas listed in your time value of money module, by taking the limit of F(future value) as M(compounding period) approaches infinity
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can you help me with a different problem
A sum of $3000 was invested for 4 years, and the interest was compounded semiannually. If this sum amounted to $4199.91 in the given time, what was the interest rate? Please round your answer to two decimal places.
4199.91 = 3000[(1 + i)^8), its 8 because 4 years has 8 6 month periods, solve for i