Question

You deposit $800 in an account that pays 2.25% annual interest compounded continuously. About how long will it take for the balance to triple?

O 48.8 years
O 24 years
O 36 years
O 52.6 years

Answer 1

48.8 years

Explanation:

A=p(1+r/n)^nt

A= total amount

p= initial investment (800_

r/n= annual interest rate over number of years( 2.25)

t= number of years compounded ( annually , biannually, quarterly etc.)

48.8 years