How long does it take for a deposit of $900 to double at 2% compounded continuously?
1 answer:
9514 1404 393
Answer:
- 34.6574 years
- 34 years, 239.94 days
Step-by-step explanation:
For continuous compounding the "rule of 69" applies. That is the doubling time can be found from ...
t = 69.3147/r . . . . where r is the interest rate in percent.
Here, r=2, so ...
t = 69.3147/2 = 34.6574 . . . years
That's 34 years and 240 days.
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