For Accounts Where Interest Is Compounded Continuously, the Amount a Accumulated

question 64

Multiple Choice

For accounts where interest is compounded continuously, the amount A accumulated or due depends on the principal p, interest rate r and the time t in years according to the formula A = pe^rt. How long would it take $4000 to double if it were invested at 4.5%? Round your answer to the nearest tenth of a percent.

• A) 15.1 years
• B) 15.2 years
• C) 15.3 years
• D) 15.4 years

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