1.
2 = 1 e^.18t
ln2 = .18t
t = ln2 /.18 = 3.85 years
rounded to the nearest year : 4 years
2. same thing
I have two questions:
1. You want to make an investment in a continuously compounding account earning 18% interest. How many years will it take for your investment to double in value? Round the logarithm value to the nearest thousandth. Round the answer to the nearest year.
2. You want to make an investment in a continuously compounding account earning 16.2% interest. How many years will it take for your investment to double in value? Round the natural log value to the nearest thousandth. Round the answer to the nearest year.
Thank you!!!
1 answer
1 answer