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?
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
