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Suppose $5,000 is invested in an account at an annual interest rate of 2.7% compounded continuously. how long (to the nearest tenth of a year) will it take the investment to dou…
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Suppose $5,000 is invested in an account at an annual interest rate of 2.7% compounded continuously. how long (to the nearest tenth of a year) will it take the investment to dou…
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Jun 2, 2017
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suppose $5,000 is invested in an account at an annual interest rate of 2.7% compounded continuously. how long (to the nearest tenth of a year) will it take the investment to double in size?
Mathematics
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Tadas
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The basic equation for continuous compounding is as follows:
Plugging in the given values gives:
Dividing both sides by 5000, we get:
Take natural logs of each side:
from which we find that t = 25.67 years.
TheChessDoctor
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Jun 9, 2017
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