Use logarithms to solve the problem1 find the interest rate, Ask an Expert

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Use logarithms to solve the problem.

1) Find the interest rate needed for an investment of $5900 to double in 7 years if interest is compounded continuously.

2) How long will it take an investment of $4000 to triple if the investment earns interest at the rate of 4%/year compounded daily? (Round your answer to two decimal places.)

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Financial Management, Finance

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