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How long will it take a 500 investment to be worth 800 if it is continuously compounded at 8 percent per year?
Updated: 11/1/2022
500*1.08y=800 (y being the number of years.)
1.08y=1.6
y*log(1.08)=log1.6 (base of log doesn't matter)
y=log(1.6)/log(1.08)
y=6.1 years
In this case you can't have 0.1 of a year so you round up.
so if you leave it in the bank for 7 years you will have over 800. (to be exact you will have 856.91)
if you had only left it for 6 you would have 793.44
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