SOLUTION: How long does it take for an account which is compounded continuously at 2.4% to quadruple if it doubles in 8.5 years?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: How long does it take for an account which is compounded continuously at 2.4% to quadruple if it doubles in 8.5 years?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


   



Question 78004: How long does it take for an account which is compounded continuously at 2.4% to quadruple if it doubles in 8.5 years?
Answer by scott8148(6628) About Me  (Show Source):
You can put this solution on YOUR website!
a quadruple is just a double double...so double 8.5 is 17...was this a "trick" question??

the "doubling" time for the account is 8.5 yr, so every 8.5 yr the account value is twice what it was 8.5 yr ago

8.5 yr, X 2....17 yr, X 4....25.5 yr, X 8....34 yr, X 16....etc