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Continuous Compound Interest

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If a bank compounds continuously, then the formula is A=Pe^rt, where E is a constant and e = 2.7183.

A= 2,000 with continues compounding. How do I round it off to the hundredth place?

How long will it take to double my money at 8% interest rate.

Don't just give the answer please show how.

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Solution Summary

This solution includes step by step detailed solution is provided to explain the concept of continuous compound interest.

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Please find the solution attached herewith.

Answer:

Let P = X
We have to find that when A = 2X
Given that P ...

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