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Jeff deposit 3500 in an account that pays 4% annual interest. how long does it take to double the initial deposit if the interest is compounded continuously?
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Jeff deposit 3500 in an account that pays 4% annual interest. how long does it take to double the initial deposit if the interest is compounded continuously?

User Ankit Pise
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1 Answer

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We need this formula:
Years = [natural log (total / principal)] / rate
Years = [natural log (7,000 / 3,500)] / .04
Years = [natural log (2)] / .04
Years = 0.69314718056 / .04
Years = 17.328679514


Jeff deposit 3500 in an account that pays 4% annual interest. how long does it take-example-1
User Goodm
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