If you deposit 1000 into an account that pays 4

Asked by maham237 @ 21/05/2021 in Mathematics viewed by 279 People

4% interest compounded continuously, how long will it take the account to grow to 2,000?

Answered by maham237 @ 21/05/2021

You will need to use this formula:
Years = natural logarithm (Total / Principal) / rate
Years = natural logarithm (2,000 / 1,000) / rate
Years = natural logarithm (2) / .04
Years = 0.69314718056 / .04
Years = 17.328679514

About 17.3 years

Suppose you deposit 5000 in a savings account

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If a checking account has an interest rate of 1

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