If $500 is put into a savings account at 9% interest compounded continuously, how much will it be worth at the end of 3 years? H
ow many years will it take to double in value?
1 answer:
Answer:
$654.98
Around 7.7 years
Step-by-step explanation:
Value = P × e^(rt)
= 500 × e^(0.09×3)
= 500 × e^(0.27)
= 654.9822254
Double: 500 × 2 = 1000
1000 = 500 × e^(0.09t)
e^(0.09t) = 2
Use ln both sides
0.09t × lne = ln2
t = ln2 ÷ 0.09
t = 7.70163543
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