(b) What is the equivalent annual interest rate? (Round your answer to two decimal places.)

Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter4: Exponential And Logarithmic Functions
Section4.2: The Natural Exponential Function
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(a) How long will it take an investment to double in value if the interest rate is 12% compounded continuously? (Round your answer to two decimal places.)
5.78
yr
(b) What is the equivalent annual interest rate? (Round your answer to two decimal places.)
13.0
X %
Transcribed Image Text:(a) How long will it take an investment to double in value if the interest rate is 12% compounded continuously? (Round your answer to two decimal places.) 5.78 yr (b) What is the equivalent annual interest rate? (Round your answer to two decimal places.) 13.0 X %
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