An investment account compounds continuously at an annual rate of 4%. How many years would it take for the account to double in value from the principal investment?

The answer is the explanation

Explanation:

If the interest per quarter is 4% (but interest is only compounded annually), then it will take (72 / 4) = 18 quarters or 4.5 years to double the principal. If the population of a nation increases at the rate of 1% per month, it will double in 72 months, or six years.

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