Stephens O'Quinn
08/21/2024 · Junior High School
Suppose that \( P_{0} \) is invested in a savings account in which interest is compounded continuously at \( 5.4 \% \) per year. That is, the balance \( P \) grows at the rate given by \( \frac{d P}{d t}=0.054 P \). Suppose that \( \$ 5000 \) is invested. When will the investment double?
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The investment will double in approximately 12.85 years.
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