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50 POINTS! EXPLANATION NEEDED! ALGEBRA 2 How long will it take for $10,000 to double with12% interest? Formula: A=Pe^rt

50 POINTS! EXPLANATION NEEDED! ALGEBRA 2 How long will it take for $10,000 to double with12% interest? Formula: A=Pe^rt
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3 votes
50 POINTS!

EXPLANATION NEEDED!
ALGEBRA 2
How long will it take for $10,000 to double with12% interest?
Formula: A=Pe^rt

User Bendaf
by
8.8k points

1 Answer

1 vote
To double the principle the formula is
2p=p e^rt
2=e^rt
2=e^0.12t
Solve for t
T=(log(2)÷log(e))÷0.12
T=5.78 years
User James
by
8.1k points
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