Register

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

How long will money in savings take to double at 5% interest compounded annually? Round the answer to the nearest hundredth of a year.
177k views
1 vote
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 Marapet
by
8.2k points

1 Answer

1 vote
How long will money in savings take to double at 5% interest compounded annually?

A= p(1+r/n) ^nt
2 = (1.05)^t
log 2/log(1.05) = t
t = 14.21 yrs (to the nearest hundredth of a year)
User Robert E
by
8.3k points
← Prev Question Next Question →

No related questions found

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
Write words to match the expression. 24- ( 6+3)
A dealer sells a certain type of chair and a table for $40. He also sells the same sort of table and a desk for $83 or a chair and a desk for $77. Find the price of a chair, table, and of a desk.
Link Copied!