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15 October, 07:38

How long will it take $20,000 earning 3.5% annual interest to double in value?

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  1. 15 October, 07:52
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    A = Pert is formula for continuously compounded interestA = final amount = 2000P = principal = 1000e = euler's number (on calculator) r = interest rate as decimal =.075t = time in years

    2000 = 1000e. 075t e. 075t = 2000/1000e. 075t = 2take natural log of both sidesln e. 075t = ln 2.075t = ln 2t = ln2/.075t = 9.24 years
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