You invest $500 at an annual interest rate of 5.25% compound continuously. How long will it take your money to double

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter5: Exponential And Logarithmic Functions
Section5.4: Exponential And Logarithmic Equations
Problem 10ECP: You invest $500 at an annual interest rate of 5.25, compounded continuously. How long will it take...
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You invest $500 at an annual interest rate of 5.25% compound continuously. How long will it take your money to double

Expert Solution
Step 1

Formula of compound  continuously interest :

A=P*ert

where 

P= amount invested

A=final amount

r=interest rate

t=time peroid

here 

P=500  A=2P=1000  r=5.25%=0.0525

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