Question

Suppose that $2600 is invested at an interest rate of 2.75% per year, compounded continuously. After how many years will the initial investment be doubled?
Do not round any intermediate computations, and round your answer to the nearest hundredth.

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Answer 1

Answer:

answer in step by step

Step-by-step explanation:

5000 = 2500(1+3.5%)^n

5000/2500 = 1.035^n

taking natural log

ln(2) = n ln(1.035)

n = ln(2)/ln(1.035)

n = 20.15