$5000 is invested at 6.75% continuously compounding. what is the time, in years, for the investment to double? answer to the nearest hundredths place. years

Use formula to calculate continuously compounded interest

where

P is the principal (initial) balance,

r is the rate of interest,

t is the time in years.

In your case, P=$5000, r=0.0675, A=$10000 (the amount of money should be doubled), then

Therefore, you need about 10.3 years for the investment to double. If you consider the whole years, then you need 11 years.

11 years