A group of 8 friends went to lunch and spent a total of $76, which included the food bill and a tip of $16. They decided to spli
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Answer:
20 years
Step-by-step explanation:
<u>Continuous Compounding Formula</u>
where:
- A = Final amount
- P = Principal amount
- e = Euler's number (constant)
- r = annual interest rate (in decimal form)
- t = time (in years)
Given:
- A = $10,000
- P = $5,000
- r = 3.5% = 0.035
Substitute the given values into the formula and solve for t:
Therefore, it will take 20 years (to the nearest year) for the initial investment to double.