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Asked Jan 12, 2020
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Determine how much time is required for a $500 investment to double in value if interest is earned at the rate of 4.75% compounded annually.

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Expert Answer

Step 1

The amount after t years is given by the formula,

Calculus homework question answer, step 1, image 1
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Step 2

Here,

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Calculus homework question answer, step 2, image 1
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