Question
Theresa invested $5,000 in an account she expects will earn 7% annually. Approximately how many years will it take for the account to double in value?
Answers
Reiny
solve:
5000(1.07)^n = 10000
1.07^n = 2
log both sides
log 1.07^n = log 2
n log1.07 = log2
n = log2/log1.07 = appr 10.24
It will take appr 10 years
5000(1.07)^n = 10000
1.07^n = 2
log both sides
log 1.07^n = log 2
n log1.07 = log2
n = log2/log1.07 = appr 10.24
It will take appr 10 years