How long will it take $1,000 to triple if it is invested at an annual interest rate of 5.5% compounded continuously? Round to the nearest year. yr

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section: Chapter Questions
Problem 22T
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Solve
the given problem releated to continuous compounding interest.
How long will it take $1,000 to triple if it is invested at an annual interest rate of 5.5% compounded continuously? Round to the nearest year.
yr
Transcribed Image Text:Solve the given problem releated to continuous compounding interest. How long will it take $1,000 to triple if it is invested at an annual interest rate of 5.5% compounded continuously? Round to the nearest year. yr
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