Asked by BJ
How many years and days will it take for a deposit of $700 to double at 4% interest compounded continuously?
Answers
Answered by
Reiny
1400 = 700 e^(.04t)
2 = e^(.04t)
ln 2 = ln (e^(.04t))
ln 2 = .04t
t = ln /.04 = 17.33 years
= 17 years and appr. 120 days
2 = e^(.04t)
ln 2 = ln (e^(.04t))
ln 2 = .04t
t = ln /.04 = 17.33 years
= 17 years and appr. 120 days
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