Question

if you deposit $1000 into an account that pays 4% interest compounded continuously, how long will it take the account to grow to $2000?

Answer 1

e^(.04t) = 2
solve for t by writing in equivalent logarithmic form to get
.04 t = ln(2)

Answer 2

then divide by .04 to get t
you need a calculator

Answer 3

I got 1.73 aas my answer, is that correct? @satellite73

Answer 4

http://openstudy.com/study#/updates/51572cb4e4b07077e0c04f79

Answer 5

Thanks for that post! But I couldn't see what the final solution was based on that thread. Do you happen to know what it is? @CrazyCountryGirl

Answer 6

hold on...

Answer 7

17 years, I think

Answer 8

Okay, thank you!!