Question

Asked Nov 4, 2019

50 views

Step 1

Future value of invested amount A(0) at any time t, A(t) = A(0)e^{rt} where r is the interest rate compounded continuously and t is the time period.

Step 2

Part (a)

A(t) = 2 x A(0)

r = 3% = 0.03; we have to find t

Hence, 2 x A(0) = A(0)e^{0.03t}

Hence, 2 = e^{0.03t}

Take log to the natural base e on both sides,

0.03t = ln(2) = 0.6931

Hence, t = 0.6931 / 0.03 = 23.10 years

Hence, please input 23.10 in the first answer box

Step 3

Part (b)

If R is the effective annual rate, then

1 + R = er = e0.03 = 1.0305

Hence, R = 1.0305 - 1= 0.0305 = 3.05%

**Hence, please ent...**

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