If you deposit 1,000 into an account that pays 4% interest compounded continuously, how long will it take the account to grow to 2,000?

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asked Sep 22, 2018 48.7k views

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Austin Salonen · Answer 1 · 2018-09-27T14:31:46+0000

You will need to use this formula:
Years = natural logarithm (Total / Principal) / rate
Years = natural logarithm (2,000 / 1,000) / rate
Years = natural logarithm (2) / .04
Years = 0.69314718056 / .04
Years = 17.328679514
About 17.3 years

If you deposit 1,000 into an account that pays 4% interest compounded continuously-example-1

If you deposit 1,000 into an account that pays 4% interest compounded continuously, how long will it take the account to grow to 2,000?

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