How long will it take for an investment of $2000 to double in value if the interest rate is 6.5% per year, compounded continuously? (Round your answer to two decimal places.) yr
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- P is the principal amount (the initial amount of money). - r is the annual interest rate (in decimal). - t is the time the money is invested for in years. In this case, we want to find out when the investment will double. So, A = 2P, and we can substitute 2P in Show more…
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