Question
How much money will we have in 6 months if we invest $1000 into an account earning 8% compounded continuously?
How long will it take the $1000 to double?
What is the effective rate for 8% compounded continuously that would produce the same accumulated amount after 1 year as 8% compounded continuously you need to set up and solve an equation? (can't use effective rate formula)
How long will it take the $1000 to double?
What is the effective rate for 8% compounded continuously that would produce the same accumulated amount after 1 year as 8% compounded continuously you need to set up and solve an equation? (can't use effective rate formula)