Question

How many years will it take for a sum of money to double at 10% compounded annually

Answer 1

t=7.27 years

Explanation:

Let the money be p and t will be the number of years that will be needed for the money to get double.

ATQ, 2p=p*(1+0.1)^t

2=(1.1)^t

log(2)/log(1.1)=t, t=7.27