garridoisabella123 garridoisabella123

05-05-2024
Mathematics

Answered

Henry invests $4000 in an account that earns 4.8% annual interest compounded continuously. If he makes no other deposits or withdrawals, how long will it take for his investment to double? Round to the nearest tenth of a year if necessary.

Answer :

jsimpson11000 jsimpson11000

05-05-2024

Answer:

Step-by-step explanation:

Continuous compounding formula is

y = y0 e^(it) yo is initial deposit i is decimal interest t is years

8000 = 4000 e^(it)

2 = e^(it)

ln 2 = it

ln2 = .048 t

t = 14.4 years

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