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Jordan wants to know how long it will take for the money she deposited to double. she has an interest rate of 4 percent. calculate how long it will take her money to double. four years sixteen years eighteen
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Jordan wants to know how long it will take for the money she deposited to double. she has an interest rate of 4 percent. calculate how long it will take her money to double. four years sixteen years eighteen years eighteen months

User Kung
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2 Answers

5 votes

18 months would be the answer.

User Oskar Birkne
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1 vote
2=1.04^t

t=ln2/(ln1.04)

t=17.673 (approx)

so t=18 (although you will have slightly more than double)
User Shebin Koshy
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