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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asked Feb 23, 2018 177k views

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Robert E · Answer 1 · 2018-02-27T04:52:42+0000

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)

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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