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$3500 is invested in an account at interest rate r = 0.0355, compounded continuously. (Round your answers to two decimal places.)?
Find the time required for the amount to double.
? years
(b) Find the time required for the amount to triple.
? years
1 Answer
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- 1 month agoFavorite Answer
A = P * e^(r * t)
A = k * P
k * P = P * e^(r * t)
k = e^(r * t)
ln(k) = r * t
ln(k) / r = t
Note that the $3500 bit doesn't matter for this.
a) t = ln(2) / 0.0355
b) t = ln(3) / 0.0355
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