88.3k views
2 votes
BANKING Find the amount of time in years required for an investment to double

at a rate of 6.2% if the interest is compounded continuously.

User Yli
by
8.7k points

1 Answer

5 votes

Answer:

11.52 years

Explanation:

Say our initial investment was P

we want our total investment to result in twice of P, so 2P

we have x as our time continuously

2P=P(1.062)^x

2=1.062^x

log1.062(2)=x

x=11.52

User Dassum
by
8.0k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories