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stira [4]
3 years ago
6

Charlie invest $425 in a savings account that pays interest at an annual rate of 4% compounded continuously approximately how mu

ch time will it take for his investment to double?
Mathematics
1 answer:
Olegator [25]3 years ago
8 0

Answer:

  17.3 years

Step-by-step explanation:

For some annual interest rate r and time in years t, the initial account value is multiplied by e^(rt).

You want the multiplier e^(.04t) to have a value of 2:

  2 = e^(.04t)

  ln(2) = 0.04t . . . . . take natural logs

  t = ln(2)/0.04 = 17.329 . . . . . divide by the coefficient of t

It will take about 17.3 years for the investment to double.

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