SOLUTION: A one-time deposit is made into an account that pays an APR of 8.5% compounded continuously. How long does it take for the worth of the account to triple?
Could you please
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Question 194466: A one-time deposit is made into an account that pays an APR of 8.5% compounded continuously. How long does it take for the worth of the account to triple?
Could you please provide a detailed explanation of how you achieved the solution. Thanks!
Answer by vleith(2983) (Show Source): You can put this solution on YOUR website!
The formula for continuously compound interest is
See this URL--> http://www.moneychimp.com/articles/finworks/continuous_compounding.htm
How long to triple?
That is the same as asking how much time it takes for a value P to become 3P
It takes just under 13 years
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