Shemp has inherited $50,000 from a recently deceased long-lost aunt. He invests his newfound money in an account that pays 3% compounded continuously. How long will it take him to double his money? Question 3 Answer 21.1 years 22.4 years 22.7 years 23.1 years х х х х

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 67SE: Alyssa opened a retirement account with 7.25 APRin the year 2000. Her initial deposit was 13,500....
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Shemp has inherited $50,000 from a recently deceased long-lost aunt. He invests his newfound money in an account that
pays 3% compounded continuously. How long will it take him to double his money?
Question 3
Answer
21.1 years
22.4 years
22.7 years
23.1 years
A
x x x x
Transcribed Image Text:Shemp has inherited $50,000 from a recently deceased long-lost aunt. He invests his newfound money in an account that pays 3% compounded continuously. How long will it take him to double his money? Question 3 Answer 21.1 years 22.4 years 22.7 years 23.1 years A x x x x
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