a. Explanation Given: An amount of money is compounded continuously at an annual rate of r . Concept used: Continuous compounding formula: A = P e r t , where, A = Final amount after t years, P = Principal amount, e = Mathematical constant, r = Annual interest rate in decimal form, t = Time in years Calculation: Upon substituting P = 1 and A = 2 in continuous compounding formula, we will get: A = P e 0.0 r t 2 = 1 e 0.0 r t 2 = e 0.0 r t ln ( 2 ) = ln ( e 0 b. To determine The time it will take for that amount of money to double.

7th Edition

ISBN: 9781524916817

Author: SMITH KARL J, STRAUSS MONTY J, TODA MAGDALENA DANIELE

Publisher: Kendall Hunt Publishing

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Chapter 2.4, Problem 45PS

To determine

The time it will take for that amount of money to double.

To determine

The time it will take for that amount of money to double.

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Chapter 2.4, Problem 44PS

Chapter 2.4, Problem 46PS

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Chapter 2 Solutions

Calculus

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The time it will take for that amount of money to double.

Solution Summary: The author calculates the time it will take for that amount of money to double. National Bank offers a better deal.

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The time it will take for that amount of money to double.

The time it will take for that amount of money to double.

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Chapter 2 Solutions