Asked by cassy
R70000 is invested for five
years.calculate a compound interest rate
that would double the investment
years.calculate a compound interest rate
that would double the investment
Answers
Answered by
Steve
You want
(1+r)^5 = 2
1+r = 2^0.2
r = 2^0.2 - 1
(1+r)^5 = 2
1+r = 2^0.2
r = 2^0.2 - 1
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