A sum is invested at 4% continuous interest. This means that its value grows exponentially with k equaling the decimal rate of i
nterest. Find, to the nearest tenth of a year, the time required for the investment to double in value.
1 answer:
Answer:
T = 72/4 = 18years
T = 20years (to the nearest tenth)
Step-by-step explanation:
Using the rule of 72, which is used to estimate the number of years for a given investment to double at a given interest rate.
Doubling time = 72/interest rate
T = 72/r
Rate r (in percentage) = 4%
Time T (in years)
T = 72/4 = 18years
T = 20years (to the nearest tenth)
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