Asked by George
You invest $500 at an annual interest rate of 6.75% compounded continuously. How long will it take y our money to double?
Answers
Answered by
Steve
e^(.0675t) = 2
.0675t = ln2
t = ln2/.0675 = 10.27 years
The initial amount does not affect how fast it doubles.
.0675t = ln2
t = ln2/.0675 = 10.27 years
The initial amount does not affect how fast it doubles.
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