(a) How long will it take an investment to double in value if the interest rate is 4% compounded continuously? (Round your answer to two decimal places.) yr (b) What is the equivalent annual interest rate? (Round your answer to two decimal places.) %

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter5: Exponential And Logarithmic Functions
Section5.4: Exponential And Logarithmic Equations
Problem 10ECP: You invest $500 at an annual interest rate of 5.25, compounded continuously. How long will it take...
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(a) How long will it take an investment to double in value if the interest rate is 4% compounded continuously? (Round your answer to two decimal places.)
yr
(b) What is the equivalent annual interest rate? (Round your answer to two decimal places.)
%
Transcribed Image Text:(a) How long will it take an investment to double in value if the interest rate is 4% compounded continuously? (Round your answer to two decimal places.) yr (b) What is the equivalent annual interest rate? (Round your answer to two decimal places.) %
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