Compound interest a deposite of $1000 is made in an account that earns interest at an annual rate of 5%.how long will it take for the balance to double when the interest is compounded (a) annually,(b) monthly,(c) daily, and (d) continously?

(a) 14.21

(b) 13.78

(c) 13.57

(d) 13.86

Step-by-step explanation:

Compound Interest, compounded n times per year,

Compound Interest, compounded continuously,

Where

A is the new amount/balance

P is the Principal (amount invested)

r is the rate in percentage

n is the number of times it is compounded.

Given:

Principal, P = $1000

rate, r = 5% = 0.05

For the balance to double, A = 2 × $1000

                A = $2000

(a) annually, n = 1

To solve for t, we take of both sides

                    t = 14.21

(b) monthly, n = 12

To solve for t, we take of both sides

                    t = 13.78

(c) daily, n = 365

To solve for t, we take of both sides

                    t = 13.565

                    t = 13.57

(d) Continuously

To solve for t, we take of both sides

But log_{e}e = 1

                    In2 = 0.05t

                    t = 13.86

hello i am doing good for you that it's summer in your country or state ; )

btw in my country we just have sun and rain as (because i live in the caribbean lol)

also, thx a lot for the points : )

the answer should be a. snail