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Solve the Problem $22,000\$ 22,000 Is Invested in an Account Earning 4.5%4.5 \%

Question 256

Multiple Choice

Solve the problem.
-If $22,000\$ 22,000 is invested in an account earning 4.5%4.5 \% interest compounded continuously, determine how long it will take the money to quadruple. Round to the nearest year. Use the model A=PertA = P e ^ { r t } where AA represents the future value of PP dollars invested at an interest rate rr compounded continuously for tt years.


A) 3 years
B) 308 years
C) 31 years
D) 36 years

Correct Answer:

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