Suppose you deposit $1000 in an account paying 4.6% annual interest compounded continuously. how long will it take for the money to double?

About 16 years

Step-by-step explanation:

The formula to find the compound amount if compounded continuously is given by :-

, where P is Principal amount, r is the rate of interest ( in decimal) and t is time ( in years).

Given : P= $1000   ;    r= 4.6%=0.046

let t be the time it will take to double the amount, the  we have

Dividing 1000 both sides, we get

Taking natural log on each side, we get

Hence, it will take about 16 years to double the amount.

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step-by-step explanation:

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