document.write( "Question 1194673: The amount of money in an account with continuously compounded interest is given by the formula A = Pert, where P is the principal, r is the annual interest rate, and t is the time in years.\r
\n" ); document.write( "\n" ); document.write( "Calculate to the nearest tenth of a year how long it takes for an amount of money to double if interest is compounded continuously at 7.5%. \n" ); document.write( "

Algebra.Com's Answer #826920 by MathTherapy(10551) $\"\"$ $\"About$

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\n" ); document.write( "The amount of money in an account with continuously compounded interest is given by the formula A = Pert, where P is the principal, r is the annual interest rate, and t is the time in years.\r
\n" ); document.write( "\n" ); document.write( "Calculate to the nearest tenth of a year how long it takes for an amount of money to double if interest is compounded continuously at 7.5%.
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Approximate number of years: 9.241962407 ≈ 9.2 years (to 1 decimal place, as requested). 
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document.write( "The above answer is more than likely the one that's being sought, but in reality, in 9.2 years, the invested amount will NOT double. It will get close to 
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document.write( "doubling, but it NEVER quite doubles. A better answer would be 9.3 (to 1 decimal place) years, since in that period of time, the amount will SURELY double! \n" );
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