Asked by Keonn`a:please help.
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.
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.
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.
Answers
Answered by
Steve
see previous post for the method.
and recall that continuous interest at rate r is
e^rt = 2
and recall that continuous interest at rate r is
e^rt = 2
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