The formula 1 = logK
0.045 log e gives the time t (in years) that it will take an investment P that is
compounded continuously at a rate of 4.5% to increase to an amount K times the original
principal.
If Paul invests $1,000 in a savings account that is compounded continuously at a rate of
4.5%, when will his investment double? Round your answer to the nearest tenth of a year.