Approximately how long will it take for $700 to double if it is invested at 4% annual
1 answer:
Answer: 17 years
Step-by-step explanation:
Exponential equation for compund amount( compunded continuously):
, where P= Principal value , r= rate of interest , t= time.
Given: A= 2P
r =4%= 0.04
To find : t
Substitute all values in the formula , we get
Taking natural log on both sides
hence, it will take 17 years (approx).
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