you want e^10r = 2
10r = ln2 = 0.693
r = 0.0693
so, a rate of 6.93% will do the trick
You want to make an investment in a continuously compounding account over a period of ten years. What interest rate is required for your investment to double in that time period? Round the logarithm value to the nearest hundredth and the answer to the nearest tenth.
-I don't know what equation to use. Any help will be apprecited. Please show steps so I know what to do for future problems. Thank you
1 answer
1 answer