Euler bank advertises that it compounds interest continuously and that it will double your money in 20 yr. what is the annual interest rate?

To solve this problem you must apply the proccedure shown below:

1. You must apply the following formula:

Where is the future value, is the present value, is the interest rate and is the time in years.

2. You have that the bank will double your money in years. Therefore:

3. Substitute values into the formula and solve for , as following:

4. By applying natural logarithm, you have:

  %

 The answer is:  %

no

step-by-step explanation:

see explanation

step-by-step explanation:

a

(6r + 7) + (13 + 7r) ( remove brackets and collect like terms )

= 6r + 7 + 13 + 7r

= 13r + 20

b

remove brackets and collect like terms

13 - r - 1 + r

= 12 - r

c

remove brackets and collect like terms

= - 8 - r + 2r - 4

= - 12 + r

d

remove brackets and collect like terms

= 7r - - - 6r

[-   - = - - = - ]

= r -