Po*e^(rt) = 2Po.
Divide both sides by Po:
e^rt = 2.
rt = 0.08t.
e^0.08t = 2.
0.08t*Log e = Log 2.
0.08t = Log2/Log e = 0.693
t = 8.7 yrs.
Thor invests some money in an account earning 8% interest, compounded continuously. After how many years will he double his investment? [Use the formla A = Pert and round answer to the nearest tenth.]
A) 6.2 years
B) 7.5 years
C) 8.7 years
D) 9.9 years
"I think the answer is B"
1 answer
1 answer