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Continuous compound

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How long will it take to double my money at 8 % interest rate and continuous compounding? That was part of the answer. My answer to that was 4000=2000(1.08)^t = (1.08)^t
(1.08)^t=2 T=9 Now I need to round my answer to the hundreds place. I know that that is two places after the decimal. So would I write my answer as 9.00?

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Solution Summary

A step by step easy to follow solution is provided for continuous compound money.

Solution provided by:
Sandhya Sharma, MSc
Education
  • BSc, Meerut University
  • MSc, Meerut University
  • MPhil, Institute of Advanced Studies
  • MSc, AIT
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