With continuous compounding, a principal of P dollars accumulates to an amount A given by the equation A = Pert where r is the interest rate and t is the time in years. With A = 2P, the equation becomes 2P = Pert. Assume continuous compounding to find how long it takes a given amount to double at the given interest rate. (Round your answer to two decimal places.) r = 7%
With continuous compounding, a principal of P dollars accumulates to an amount A given by the equation A = Pert where r is the interest rate and t is the time in years. With A = 2P, the equation becomes 2P = Pert. Assume continuous compounding to find how long it takes a given amount to double at the given interest rate. (Round your answer to two decimal places.) r = 7%
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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With continuous compounding, a principal of P dollars accumulates to an amount A given by the equation
A = Pert
where r is the interest rate and t is the time in years. With
A = 2P,
the equation becomes
2P = Pert.
Assume continuous compounding to find how long it takes a given amount to double at the given interest rate. (Round your answer to two decimal places.)
r = 7%
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