Question

if gh¢400.00 is deposited at a bank at 10% per annum compounded quarterly, how long will it take the deposit to double it value.​

Answer 1

~ 7 years

Explanation:

2 = (1 + .1/4)^(4t)

2 = (1.025)^(4t)

Take the log of both sides

log2 = 4t * log1.025

divide both sides by log1.025

log2/log1.025 = 4t

28.07103452593863 = 4t

Divide both sides by 4

7.017758631484657 = t

~ 7 years