A certain sum of money P draws interest compounded continuously. If at a certain time there are Po dollars in the account, determine the time when the financial attains the value of 2Po dollars if the annual interest rate at 2%. Select the correct response: none of the choices 0.577 hr 0.632 hr 0.923 hr 1.041 hr

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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A certain sum of money P draws interest compounded continuously. If at a certain time there are Po dollars in the account, determine
the time when the financial attains the value of 2Po dollars if the annual interest rate at 2%.
Select the correct response:
none of the choices
0.577 hr
0.632 hr
0.923 hr
1.041 hr
Transcribed Image Text:A certain sum of money P draws interest compounded continuously. If at a certain time there are Po dollars in the account, determine the time when the financial attains the value of 2Po dollars if the annual interest rate at 2%. Select the correct response: none of the choices 0.577 hr 0.632 hr 0.923 hr 1.041 hr
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