1 e^(3r) = 2
take ln of both sides
3r lne = ln2 , but lne = 1
3r = ln2
r = ln2/3 = .231..
So you will need a continuous rate of growth of 23.1 %
good luck on that one.
You want to make an investment in a continuously-compounding account over a period of three years. What interest rate is required for your investment to double in that time period? Round the logarithm value and the answer to the nearest tenth.
is it 2.3
1 answer
1 answer