SOLUTION: A woman deposits $50,000 in a savings account with 4% continuously compounded interest. How many years must she wait until the balance has doubled?

SOLUTION: A woman deposits $50,000 in a savings account with 4% continuously compounded interest. How many years must she wait until the balance has doubled?

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Question 36640: A woman deposits $50,000 in a savings account with 4% continuously compounded interest. How many years must she wait until the balance has doubled?
Answer by Paul(988) (Show Source): You can put this solution on YOUR website!
THe formula that you have to use is:

0.04t=in2
t=
t=17
Hence, it will take 17 years to double.
Paul.
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