Solved: How long will it take for money to double, Mathematics

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How long will it take for money to double

When interest is compounded continuously, the balance in an account after t years is given by

A = Pert,

where P is the initial investment and r is the interest rate.

1. Maya has deposited $600 in an account that pays 5.64% interest, compounded continuously. How long will it take for her money to double?

2. Suppose that $2000 is invested at a rate of 6% per year compounded continuously. What is the balance after 1 yr? After 2 yrs?

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Solution Preview :

Prepared by a verified Expert

Mathematics: How long will it take for money to double

Reference No:- TGS0698147

Have a Question? (oR Write a Review)

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Solution Preview :

Prepared by a verified Expert

Mathematics: How long will it take for money to double

Reference No:- TGS0698147

Recent Questions Asked Mathematics

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