Problem 694

You want to make an investment in a continuously compounding account over a period of ten years. What interest rate is required for your investment to double in that time period? Round the logarithm value to the nearest hundredth and the answer to the nearest tenth.




t =10 years

let initial investment = x

and after 10 years investment will be 2x

2x = x*e^(r/100*10)

r= 6.9 %


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