Question
Money deposited into XYZ Bank doubles every 25 years. The bank compounds interest continuously. What annual interest rate does this bank offer? Express your answer
Money deposited into XYZ Bank doubles every 25 years. The bank compounds interest continuously. What annual interest rate does this bank offer? Express your answer as a percentage rounded to 2 decimal places.
UVW Bank offers an annual interest rate of 5.25% compounded continuously. How long will it take for money to double in this bank? Round your answer to the nearest whole number.
Step by Step Solution
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Step: 1
1 For XYZ Bank Given that the money deposited doubles every 25 years we can use the formula for cont...
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Physics
Authors: Alan Giambattista, Betty Richardson, Robert Richardson
2nd edition
77339681, 978-0077339685
