Question

If you deposit $1,000 into an account that pays 4% interest compounded continuously, how long will it take the account to grow to $2,000?

Answer 1

if 4% /month = 19 month

Answer 2

thanks! how did you get that?

Answer 3

1 1000 4% 40
2 1040 4% 41.6
3 1081.6 4% 43.264
4 1124.864 4% 44.99456
5 1169.85856 4% 46.7943424
6 1216.652902 4% 48.6661161
7 1265.319018 4% 50.61276074
8 1315.931779 4% 52.63727117
9 1368.56905 4% 54.74276202
10 1423.311812 4% 56.9324725
11 1480.244285 4% 59.2097714
12 1539.454056 4% 61.57816225
13 1601.032219 4% 64.04128874
14 1665.073507 4% 66.60294029
15 1731.676448 4% 69.2670579
16 1800.943506 4% 72.03774022
17 1872.981246 4% 74.91924983
18 1947.900496 4% 77.91601982
19 2025.816515 4% 81.03266062

Answer 4

thanks!!!