Question

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

Answer 1

\[.04\times 1000= 40\]

Answer 2

So then you do \[2000\div40=50\]

Answer 3

so 50 years

Answer 4

Thankss

Answer 5

anytime you need help just ask :)

Answer 6

The problem is asking for continuous compounding so you want to use the equation

\[A = Pe^{rt}\]
A = 2000
P = 1000
r = 0.04
t = what you are trying to solve