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$1000 is invested in an account at interest rate r=0.045, compounded continuously. Find the time required for the amount to double

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wolf1728

Answer:

The formula you'll need is:

Years = ln (total / principal) / rate

ln means natural log

Years = ln (2,000 / 1,000) / .045

Years = ln (2) / .045

Years = 0.69314718056 / .045

Years = 15.4033

Step-by-step explanation:

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