Question

Suppose you invest $2,500 into an account where interest is compounded continuously at 5.5%. How long would it take to double? *

5 points
About 12.6 years
About 20 years

Answer 1

About 12.6 years

Explanation:

2500(1.055^x) = 5000

1.055^x = 2

x ln1.055 = ln2

x = 12.94615711