Question

Suppose $16,250 is invested at an interest rate of 7.9%, compounded continuously. How many years will it take for the investment to double? PLEASE HELP

Answer 1

4 years

Explanation:

basically, multiple 16,250 by 107.9%, get the product and multiply that product by 107.9%+ 7.9% and keep on doing that until you eventually get to about 33,000 which is a bit more than double 16,250 but 4 years is still the minimum years it will take to get AT LEAST double. :)