The doubling time of an investment with continuous compound interest is 12.6 years. If the investment is worth $24,000 today, how much will it be worth 7 years from now?
Added by Sharon L.
Step 1
We know the doubling time is 12.6 years, so we can use the formula for continuous compound interest to find the interest rate: Doubling time = $t_d = \frac{\ln(2)}{r}$, where $r$ is the interest rate. Show more…
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