Suppose that $2100 is invested at an interest rate of 2% per year, compounded continuously. After how many years will theinitial investment be doubled? Round your answer to two decimalplaces.

proximumha

proximumha

Answered question

2022-08-03

Suppose that $2100 is invested at an interest rate of 2% per year, compounded continuously. After how many years will theinitial investment be doubled? Round your answer to two decimalplaces.

Answer & Explanation

Luna Wells

Luna Wells

Beginner2022-08-04Added 19 answers

A = P e r t
A = 2100 e ( 0.02 ) t
4200 = 2100 e ( 0.02 ) t
2 = e ( 0.02 ) t
ln ( 2 ) = 0.02 t
t = ln ( 2 ) / 0.02
t=34.66 years

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