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3 years ago

Find the time it takes for $6,400 to double when invested at an annual interest rate of 19%, compounded

Mathematics

1 answer:

Veseljchak [2.6K]3 years ago

4 0

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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