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Tatertat15 Tatertat15
  • 03-02-2017
  • Mathematics
Answered

How long will money in savings take to double at 5% interest compounded annually? Round the answer to the nearest hundredth of a year.

Verified Answer :

Anonymous Anonymous
  • 03-02-2017

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)

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