mathmathmath: the problem is:
Find the time required for money invested at an annual rate of 4% to double in value if the investment is compounded continuously. Round to the nearest hundredth of a year.
please help
You have to give the initial amount of money a value. It doesn't matter how much because $5 will double in the same amount of time as $1000 will double.
I'm going to start with $1 because it is easiest and I need to work out how long it will be before I have $2.
Inially I have $1
After one year I have $1*1.04 = 1.04 (dollars)
After 2 years I have 1.04*1.04 = 1.04
2 After 3 years I have 1.04
2*1.04 = 1.04
3 After n years I have 1.04
n dollars
The answer will be given by the equation
2=1.04
n Since it is the exponent that you need to find, you wil need to take the log of both sides to get the answer.
Try to finish it by yourself.
+118653 
