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Six thousand dollars is deposited into a fund at an annual rate of 13 percent find the time required for the investment to double if the interest is compounded continuously?
Wiki User
∙ 14y ago
the equation for compound interest is Pe^(rt)
the principal you want in the end is twice that of the original
12,000
plugging in and solving you get
12,000=6000e^(.13t)
t = 5.33 years
Wiki User
∙ 14y ago
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