(a) How long will it take an investment to double in value if the interest rate is 3% compounded continuously? (Round your answer to two decimal places.) 23.10 yr (b) What is the equivalent annual interest rate? (Round your answer to two decimal places.) 0.03 x % Enhanced Feedback Please try again using one of the following formulas. If the interest is compounded periodically, the value of the investment in terms of time is A(t) A1 , and if compounded continuously, the the value of the investment is A(t) Aoet, where r is the nominal annual interest rate, t is the total time in years, and n is the number of compounding periods per year.

Question
(a) How long will it take an investment to double in value if the interest rate is 3% compounded continuously? (Round your answer to two decimal places.)
23.10
yr
(b) What is the equivalent annual interest rate? (Round your answer to two decimal places.)
0.03
x %
Enhanced Feedback
Please try again using one of the following formulas. If the interest is compounded periodically, the value of the investment in terms of time is A(t) A1 ,
and if compounded
continuously, the the value of the investment is A(t)
Aoet, where r is the nominal annual interest rate, t is the total time in years, and n is the number of compounding periods per
year.
Expand
Transcribed Image Text

(a) How long will it take an investment to double in value if the interest rate is 3% compounded continuously? (Round your answer to two decimal places.) 23.10 yr (b) What is the equivalent annual interest rate? (Round your answer to two decimal places.) 0.03 x % Enhanced Feedback Please try again using one of the following formulas. If the interest is compounded periodically, the value of the investment in terms of time is A(t) A1 , and if compounded continuously, the the value of the investment is A(t) Aoet, where r is the nominal annual interest rate, t is the total time in years, and n is the number of compounding periods per year.

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