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Solve this application using logarithms. How long will money in savings take to double at 5% interest compounded annually? Round the answer to the nearest hundredth of a year.
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Solve this application using logarithms.

How long will money in savings take to double at 5% interest compounded annually? Round the answer to the nearest hundredth of a year.

User Jingjie Zhan
by
8.3k points

2 Answers

3 votes

Answer:

14.21

Explanation:

User Yanshof
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8.6k points
3 votes
Ao is your initial value but since you want your initial to double doesn't matter what that exact value is. R is the rate at 5% (as a decimal) and n is the compounding annually, which is equal to 1.
Solve this application using logarithms. How long will money in savings take to double-example-1
User Kero Fawzy
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9.0k points
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