Question

Perry has an opportunity to put $2291 into an investment with an APR of 7.6%. How long will it take his investment to double?

Answer 1

2×2291=2291 (1+0.076)^t==> 2=(1+0.076)^t
Solve for t
Log (2)=t×log (1.076)
T=log (2)÷log (1.076)
T=9.46 years round your answer to get 9 years