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6 August, 12:44

Jeff deposit 3500 in an account that pays 4% annual interest. how long does it take to double the initial deposit if the interest is compounded continuously?

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  1. 6 August, 15:03
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    We need this formula:

    Years = [natural log (total / principal) ] / rate

    Years = [natural log (7,000 / 3,500) ] /.04

    Years = [natural log (2) ] /.04

    Years = 0.69314718056 /.04

    Years = 17.328679514
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