Concept explainers
To calculate: Time taken a saving account take for the original investment to quadruple.
Answer to Problem 38E
Explanation of Solution
Given information: What annual rate of interest, compounded continuously for
Formula used: The amount of money in the account after t year is then
Interest paid according to this formula is said to be compounded continuously. The number r is the continuous Interest rate.
Calculation:
The amount of money in the account after t year is then
Given
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Calculus 2012 Student Edition (by Finney/Demana/Waits/Kennedy)
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