(a) How long will it take an investment to double in value if the interest rate is 8% compounded continuously? (Round your answer to one decimal place.) years (b) What if the interest is compounded annually? (Round your answer to one decimal place.) years

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...
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(a) How long will it take an investment to double in value if the interest rate is 8% compounded continuously? (Round your
answer to one decimal place.)
years
(b) What if the interest is compounded annually? (Round your answer to one decimal place.)
years
Transcribed Image Text:(a) How long will it take an investment to double in value if the interest rate is 8% compounded continuously? (Round your answer to one decimal place.) years (b) What if the interest is compounded annually? (Round your answer to one decimal place.) years
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