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:  %

hope it

step-by-step explanation:

x^(1/6) · x^(1/6) · x^(1/6)   ·x^(1/6) = x^(4/6)   since we add the exponents

4/6 can be simplified to 2/3

the simplified form is x^(2/3)