Ask Question
21 April, 16:03

Jeff deposit 3500 in an account that pays 4% annual interest. how long does it take to double the initial deposit if the interest is compounded continuously?

+5
Answers (1)
  1. 21 April, 18:34
    0
    We need this formula:

    Years = [natural log (total / principal) ] / rate

    Years = [natural log (7,000 / 3,500) ] /.04

    Years = [natural log (2) ] /.04

    Years = 0.69314718056 /.04

    Years = 17.328679514
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Jeff deposit 3500 in an account that pays 4% annual interest. how long does it take to double the initial deposit if the interest is ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers