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douglas12
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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
 one year ago
 one year ago
douglas12 Group Title
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
 one year ago
 one year ago

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tkhunny Group TitleBest ResponseYou've already chosen the best response.0
Have you considered A = 2P?
 one year ago

tkhunny Group TitleBest 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.
 one year ago

douglas12 Group TitleBest ResponseYou've already chosen the best response.0
so is the answer D
 one year ago

tkhunny Group TitleBest ResponseYou've already chosen the best response.0
I don't know. You tell me. Use the first hint and calculate the exact value,
 one year ago
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