Question Solved1 Answer 12. A certain sum of money p draws interest compounded continuously. If at a certain time there is po dollars in the account, determine the time when the principal attains the value 2Po dollars, if the annual interest rate is (a) 2% or (b) 4%

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Transcribed Image Text: 12. A certain sum of money p draws interest compounded continuously. If at a certain time there is po dollars in the account, determine the time when the principal attains the value 2Po dollars, if the annual interest rate is (a) 2% or (b) 4%
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Transcribed Image Text: 12. A certain sum of money p draws interest compounded continuously. If at a certain time there is po dollars in the account, determine the time when the principal attains the value 2Po dollars, if the annual interest rate is (a) 2% or (b) 4%
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Amount after 't' thue compounded contmously isA(t)=P_(0)e^(rt)Here rate (r) time ( t )a) We have given{:[A(t)=2P_(0)],[gamma=2%=0.02],[=>2P_(0)=P_(0) ... See the full answer