Mathematics, 16.12.2019 06:31 jortizven0001
How long will it take for $2500 to double if it is invested at 6% annual interest compounded 6 times a year? enter exact calculations or round to 3 decimal places.
- it will take to double.
how long will it take if the interest is compounded continuously?
-compounded continuously, it would only take
Answers: 3
![log(2)=log[(1.01)^{6t}]](/tpl/images/0420/3178/2f62e.png)
![t=log(2)/[6log(1.01)]](/tpl/images/0420/3178/3bb90.png)
![ln(2)=ln[(e)^{0.06t}]](/tpl/images/0420/3178/9492b.png)
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How long will it take for $2500 to double if it is invested at 6% annual interest compounded 6 times...
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