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OpenStudy (anonymous):
How long will it take for an investment of $3000 to double in value if the interest rate is 8.5% per year, compounded continuously?
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OpenStudy (mathstudent55):
Do you know the formula for continuously compounded interest?
OpenStudy (mathstudent55):
\(\large F = Pe^{rt} \) F = future value P = present value r = interest rate written as decimal t = time in years
OpenStudy (mathstudent55):
You know P and r. You can easily find F. Plug those into the formula above and solve for t. Since the unknown is in an exponent, you need to use logarithms to solve the equation for t.
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