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 one year 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
 one year 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

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

tkhunny
 one year ago
Best ResponseYou've already chosen the best response.0Also, consider the Rule of 72. 72/6.5 = 11.077 I'm kind of leaning toward D, already.

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