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Calculate how long it takes for an amount of money to double if interest iscompounded continuously at 8.9%.It willdoublRoundA = PertContinuously Compounded Interest Formula2 = 1e0.0896

Calculate How Long It Takes For An Amount Of Money To Double If Interest Iscompounded Continuously At 89It WilldoublRoundA PertContinuously Compounded Interest class=

Sagot :

Given:

[tex]2=e^{0.089t}[/tex]

Solving for t ,

[tex]\begin{gathered} 2=e^{0.089t}\rightarrow\ln (2)=0.089t \\ \rightarrow t=\frac{\ln (2)}{0.089}\rightarrow t=7.78 \end{gathered}[/tex]

Thereby, it would take 8 years for the money to double.

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