Question

6000 is deposited into a fund at the annual rate of 9.5%. Find the time required for the investment to double if the interest is compounded continuously

Answer 1

Answer: 7.58 years

Step-by-step explanation:

When it comes to finding out how long it will take for an investment to double, one can use the Rule of 72.

The Rule of 72 estimates the amount of time it will take to double an investment when you divide 72 by the interest rate:

= 72 / r

= 72 / 9.5

= 7.58 years