Henry is investing at a continuously compounded annual interest rate of 4.5%. How many years will it take for the balance
1 answer:
Answer:
1 year
Step-by-step explanation:
Hello,
Continuously compounding with an annual interest rate of 4.5% means multiplying the initial investment by (for t tears).
So we need to find t so that:
Rounding to the nearest whole number gives 1 year.
Hope this helps.
Do not hesitate if you need further explanation.
Thank you
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