Suppose that an investment of 4200 earns an interest rate 7, Ask an Expert

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Suppose that an investment of $4200 earns an interest rate 7% per year compounded continuously. Find the time it takes this investment to double as follows:

Write an equation by using the given information in the compound continuous interest formula.

Hint: What would the balance be if the investment doubled.

Solve this equation and answer the question: What is the amount of time it takes this investment to double. Round answer to one decimal digits and include units.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91772641

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