Find the time it takes for $6,400 to double when invested at an annual interest rate of 19%, compounded
1 answer:
9514 1404 393
Answer:
3.6481 years
Step-by-step explanation:
The doubling time is not a function of the amount invested. It can be found by considering the account balance multiplier:
2 = e^(rt) = e^(0.19t)
Taking logs, we can solve for t:
ln(2) = 0.19t
t = ln(2)/0.19 ≈ 3.6481431
Rounded to 4 decimal places, the doubling time is 3.6481 years, for either balance.
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