What is the balance if $20,000 is invested at an annual rate of 7.8 percent for 5 years, compounded continuously. How long will it take for the original amount to double in size?
#$29,115.46. It will take 9.22 years (9 years and 3 months) to double the originally invested capital
Using the formula
A - final amount
P - principal or originally invested capital
r - interest rate (per year, per month, per day)
t - time
#log(2) = log(1.078) *t#