Kate L.

asked • 11/02/16

How long will it take for an investment of $1,000 to double in value if the interest rate is 7.5% per year, compounded continuously?

I'm doing test corrections for my pre-cal class and Ive got the answer (9.24 years) i just need to know how to get there because I used the wrong equation the first time (2000=1000e^7.5t). 

Mark M.

2000 = 1000e7.5t is the correct formula
Report

11/02/16

Mark M.

2000 = 1000e7.5t is the correct formula
Report

11/02/16

1 Expert Answer

By:

Andrew M. answered • 11/02/16

Tutor
New to Wyzant

Mathematics - Algebra a Specialty / F.I.T. Grad - B.S. w/Honors

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