For accounts where interest is compounded continuously, the amount A accumulated or due depends on the principal p, interest rate r and the time t in years according to the formula A = pert. How long would it take $4000 to double if it were invested at 4.5%? Round your answer to the nearest tenth of a percent.
A) 15.1 years
B) 15.2 years
C) 15.3 years
D) 15.4 years
Correct Answer:
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