Math Problem Statement
Suppose that 2900 is invested at an interest rate of 1.75% per year, compounded continuously. After how many years will the initial investment be doubled? Do not round any immediate computations, and round answer to the nearest hundred.
Solution
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Math Problem Analysis
Mathematical Concepts
Continuous Compounding
Exponential Growth
Natural Logarithm
Formulas
Continuous Compounding Formula: A = P e^(rt)
Theorems
Properties of Logarithms
Suitable Grade Level
High School
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