If a bank pays 6.8% compounded continuously, how long will it take to double your money?

Question

Question

Answer 1

Answer #1

If the initial amount is P, by the end of the time period, the amount should equal 2P

We need to solve the following equation:

2P=PX

2P = P x 2.1780.068xt

2 = 2.1780.068xt

t = 13.09

So the time required is 13.09 years

Answer 2

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