Let P0 = $1000.00.

Question

• k = 0.5% = _____0.005______ as a decimal.
Compute and explain how to find the doubling time. Then, write the compound interest equation for this value of k and the 3 values for t.
Number of years Equation New Value
1 P(1)=$1000e^(0.005)(1)
5 P(5)=$1000e^(0.005)(5)
10 P(10)=$1000e^(0.005)10)