Jon invests $2300 at 7.5% annual interest, compounded continuously. How long will it take this money to double in value?
1 answer:
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Answer:
Step-by-step explanation:
let the original fraction be
( with denominator 1 more than numerator )
Subtracting 3 from numerator/ denominator gives
=
Given that the fraction is now equivalent to , then
=
( cross- multiply )
2(n - 3) = n - 2, distribute left side
2n - 6 = n - 2 ( subtract n from both sides )
n - 6 = - 2 ( add 6 to both sides )
n = 4
and n + 1 = 4 + 1 = 5
Thus original fraction is