Engineering Board Exam Reviewer · Applications: Growth and Decay · medium
Money is invested at a continuously compounded interest rate of 6% per year (dA/dt=rA). How long will it take for the investment to double?
- 11.55 yr
- 16.67 yr
- 23.10 yr
- 8.66 yr
Answer
A. 11.55 yr
Solution
2=e0.06t t= 2/0.06 11.55 years.
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