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harkovskaia [24]
3 years ago
9

Approximately how long will it take for $700 to double if it is invested at 4% annual

Mathematics
1 answer:
charle [14.2K]3 years ago
4 0

Answer: 17 years

Step-by-step explanation:

Exponential equation for compund amount( compunded continuously):

A=Pe^{rt} , 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

2P=Pe^{0.04t}\\\\\Rightarrow\ 2=e^{0.04t}

Taking natural log on both sides

\ln2=\ln e^{0.04t }\\\\\Rightarrow\ 0.693147=0.04t\\\\\Rightarrow\ t=\dfrac{ 0.693147}{0.04}\\\\\Rightarrow\ t=17.3286\approx17

hence, it will take 17 years (approx).

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