Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

How many years will it take to double the debt of a loan whose annual rate is 7% with continuous compounding? In this question you

image text in transcribed
How many years will it take to double the debt of a loan whose annual rate is 7% with continuous compounding? In this question you will need to solve for t in FV = PVert. Start by dividing both sides by PV. Then use logarithms to "bring down" the exponent. Round your answer to the nearest tenth of a year

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Core Connections Algebra 2

Authors: Leslie Dietiker, Judy Kysh, Tom Sallee, Brian Hoey

Student Edition

1603281150, 978-1603281157

More Books

Students also viewed these Mathematics questions

Question

Q.1. what is constitution? Q.2. key of the constitution?

Answered: 1 week ago

Question

Q.1. what is meant by federal system?

Answered: 1 week ago