4. The Bank of Jake offers an amazing APR of 6.898 compounded continuously. How long will it for someone to double their money at the Great Bank of Jake?
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71828). In this case, we want to find out when the final amount (A) is double the principal amount (P). So we can set up the equation as 2P = P * e^(rt). Simplifying this equation, we get 2 = e^(rt). We know that r = 6.898% = 0.06898 (in decimal form). So we Show more…
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