A certain sum of money draws interest compounded continuously. If at a certain time there is an initial amount of money in the account, A. Determine the time when the initial amount doubles given the interest rate is 2%. Answer: years B. Determine the time when the initial amount doubles given the interest rate is 4%. Answer: years
1. Choose the best answer to multiple-choice questions.
2. For questions that require numerical answers, utilize continuous calculation. Do not round off in the middle of the solution. Round off to two decimal places on your final answer unless mentioned explicitly on the question otherwise.
Note: Usually only the value of C and K is asked using four (4) decimal places.
3. For a numerical answer which is an integer, do not add any number after the decimal point, just encode your answer as an integer
4. Use a hyphen (-) for negative answers.
5. Follow the rule correctly.
6. Solve the asked problem in a step-by-step procedure
7. Kindly choose the correct answer on the choices
8. Double-check your solutions because we need them for our review.
Step by step
Solved in 2 steps with 2 images
