You deposit $800 in an account that pays 2.25% annual interest compounded continuously. About how long will it take for the bala
nce to triple?
O 48.8 years
O 24 years
O 36 years
O 52.6 years
1 answer:
Answer:
48.8 years
Step-by-step explanation:
A=p(1+r/n)^nt
A= total amount
p= initial investment (800_
r/n= annual interest rate over number of years( 2.25)
t= number of years compounded ( annually , biannually, quarterly etc.)
48.8 years
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