Asked by steven
how long does it take for a deposit of $1400 to double at 7% compounded continously
it would be awesome if you could also tell me how to do it...
it would be awesome if you could also tell me how to do it...
Answers
Answered by
Henry
Pt = Po*e^rt.
Pt = 1400*e^rt = 2800,
1400*e^rt = 2800,
Divide both sides by 1400:
e^rt = 2,
Take ln of both sides:
rt*lne = ln2,
Divide both sides by lne & get:
rt = ln2 / lne,
lne = 1,
rt = ln2 / 1,
rt = 0.6931,
0.07t = 0.6931,
t = 0.6931 / 0.07 = 9.902 Years.
Pt = 1400*e^rt = 2800,
1400*e^rt = 2800,
Divide both sides by 1400:
e^rt = 2,
Take ln of both sides:
rt*lne = ln2,
Divide both sides by lne & get:
rt = ln2 / lne,
lne = 1,
rt = ln2 / 1,
rt = 0.6931,
0.07t = 0.6931,
t = 0.6931 / 0.07 = 9.902 Years.
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