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- anonymous

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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- anonymous

- katieb

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- tkhunny

Have you considered A = 2P?

- tkhunny

Also, consider the Rule of 72.
72/6.5 = 11.077
I'm kind of leaning toward D, already.

- anonymous

so is the answer D

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- tkhunny

I don't know. You tell me. Use the first hint and calculate the exact value,

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