I need to find the initial investment and time to double. It is compounded continuously. I'm given the annual % rate and the amount after 6 years. So:
Initial Investment: $?????
Annual % Rate: 5%
Time to Double: ???? yr
Amount After 6 Years: $2000.00
Not sure where to begin on this one.
Wow, thanks a bunch! See, this is how I feel I learn better. I like it when someone posts the steps, which lets me analyze them and figure out how that step came about. No offense to anyone else who has ever helped me.
One question: in the second part, where did P go from Pe^rt?
"Time to double" meant t such that . Divide both sides by P.
And "feeling that I learn better" when someone shows you all the steps is often an illusion. Yes, everything makes sense but can you do it on your own? The only way to really learn mathematics is to do it yourself!