Find the amount of tiem required for an investment to double at a rate of 12.3% if the interest is compounded continuously.
My work:
Assume that P=1
Pe^(rt)
1e^(.123t)=2
.123t=ln2
.123t/.123=ln2/.123
=5.64 years
Yea or nay?
Find the amount of tiem required for an investment to double at a rate of 12.3% if the interest is compounded continuously.
My work:
Assume that P=1
Pe^(rt)
1e^(.123t)=2
.123t=ln2
.123t/.123=ln2/.123
=5.64 years
Yea or nay?