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Posted by on Thursday, November 15, 2012 at 8:55pm.

Approximately how long will it take an investment of $300 to triple, if the interest rate is 3.5% per year compounded continuously?

  • math - , Thursday, November 15, 2012 at 9:10pm

    Formula: A(t)=Pe^rt
    A=3*300=900
    r=3.5%=0.035
    P=300
    => 900=300e^0.035t
    =>3=e^0.035t
    =>ln3=lne^0.035t
    =>1.09=0.035t
    =>t=1.09/0.035=31 yeears

  • math - , Thursday, November 15, 2012 at 9:39pm

    correct

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