SOLUTION: You deposit $500 in an account that pays 2.5% annual interest compounded continuously. How long will it take for the balance to double?

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Question 608985: You deposit $500 in an account that pays 2.5% annual
interest compounded continuously. How long will it take for the balance to
double?

Answer by ewatrrr(24785)   (Show Source): You can put this solution on YOUR website!
 
Hi
A = Pe^(rt)
Question states***
A/P= 2


ln2 = .025t
ln2/.025 = t
27.726 yrs = t, time it takes to double
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