An Amount of Money Deposited in a Savings Account Grows

Short Answer

An amount of money deposited in a savings account grows at a rate proportional to the amount present. (It can be shown that an amount of money grows in this manner if it earns interest compounded continuously.) Suppose $50,000 is deposited in a fixed account earning interest at the rate of 8%/year compounded continuously. What is the accumulated amount after 6 yr? Round the answer to the nearest cent. $__________ How long does it take for the original deposit to double in value? Round the answer to the nearest tenth, if necessary. __________ yr