A sum of money doubles at compound interest in 6 years in how many years will it become 16 times
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Answer:
Step-by-step explanation :
Easiest way is to consider it continuously copunding interest even if not as if only affects the rate and not the time
Given:
2=e^(6r)
In(2)=6r
r=In(2)/6 no need to calculate we are going back to substitute for accuracy
What is t
16=e(rt)
In(16)=In(2)/6t
t=In(16)/In(2)*6
= 24 years
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