SOLUTION: Can you help me with this?
If you invest in an account that pays 7% compounded continuously, what is the doubling time on you account?
Thanks
Algebra.Com
Question 22282: Can you help me with this?
If you invest in an account that pays 7% compounded continuously, what is the doubling time on you account?
Thanks
Answer by wuwei96815(245) (Show Source): You can put this solution on YOUR website!
There is a rule of thumb called the law of 72. If you divide the interest rate into 72 you get the approximate time in years to double your money. Maybe this applies to your problem.
72 divided by 14% = 72/0.14 = about 5 years
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