Question

How long does it take for a deposit of $900 to double at 2% compounded continuously?

how many years does it take to double ? ___ years __ days

Answer 1

9514 1404 393

Answer:

• 34.6574 years
• 34 years, 239.94 days

Explanation:

For continuous compounding the "rule of 69" applies. That is the doubling time can be found from ...

t = 69.3147/r . . . . where r is the interest rate in percent.

Here, r=2, so ...

t = 69.3147/2 = 34.6574 . . . years

That's 34 years and 240 days.