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The amount of money in an account with continuously compounded interest is given by the formula A = Pe^rt, where P is the principal, r is the annual interest rate, and t is the time in years. Calculate to the hundredth of a year how long it takes for an amount of money to double if interest is compounded continuously at 6.5%.
A. 21.33 years
B. 7.11 years
C. 5.33 years
D. 10.66 years
 9 months ago
 9 months ago
The amount of money in an account with continuously compounded interest is given by the formula A = Pe^rt, where P is the principal, r is the annual interest rate, and t is the time in years. Calculate to the hundredth of a year how long it takes for an amount of money to double if interest is compounded continuously at 6.5%. A. 21.33 years B. 7.11 years C. 5.33 years D. 10.66 years
 9 months ago
 9 months ago

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tkhunnyBest ResponseYou've already chosen the best response.0
Have you considered A = 2P?
 9 months ago

tkhunnyBest ResponseYou've already chosen the best response.0
Also, consider the Rule of 72. 72/6.5 = 11.077 I'm kind of leaning toward D, already.
 9 months ago

tkhunnyBest ResponseYou've already chosen the best response.0
I don't know. You tell me. Use the first hint and calculate the exact value,
 9 months ago
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