## Related questions with answers

Question

In a particular bank account, money doubles in 10 years. What is the annual interest rate compounded continuously?

Solution

VerifiedAnswered 1 year ago

Answered 1 year ago

Step 1

1 of 3The balance $P$ in an account with an initial deposit of $P_0$ earning $r$ interest compounded continuously is given by:

$P=P_0e^{rt}$

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