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You invest $10,200 in an account that compounds continuously at an annual percent interest rate of 6.25%. How long does it take to double your money?

User Thoeni
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1 Answer

3 votes

Answer:

11.09 years

Explanation:

Given data

Principal P= $10200

Rate= 6.25%

Double the principal A = $20,400

The expression for the time taken is

t= ln(A/P)/r

t= ln(20400/10200)/0.0625

t= ln(2)/0.0625

t= 0.69314/0.0625

t= 11.09024 years

Hence the number of years is 11.09 years

User Mihai Dinculescu
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