2 years ago

How long does it take for a deposit of $900 to double at 2% compounded continuously?

Mathematics

1 answer:

nydimaria [60]2 years ago

4 0

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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