1. How long will it take for $900 to double if it is invested at 9% annual interest compounded 3 times a year? Enter in calculations or round to 3 decimal places.

Question

1. It is take________ years to double.
2. How long will if the interest is compounded continuously?
2. Compounded continuously, it would only take ____________ years.

Answer 1

see previous post for the method.

and recall that continuous interest at rate r is

e^rt = 2