Question
if shelia invested $5000 in an account paying 3% annual interest. how many years will it take her money to double? write it in exponential equation and rewrite it in log form. please help
Answers
Damon
I guess it is compound not simple interest.
2 = 1.03^n
log 2 = n log 1.03
n = log 2 /log 1.03 = 23.4 years
2 = 1.03^n
log 2 = n log 1.03
n = log 2 /log 1.03 = 23.4 years
md
teachers answer is 2.58 years, can't figure this one out.
Ms. Sue
If your numbers are correct, 2.58 years makes no sense.
Reiny
Nothing to figure out, md
Damon is correct and your teacher's answer is wrong.
We used to use an approximation formula called "the rule of 72"
To double your money, you simply multiply the rate by the number of years and you will get appr. 72
for Damon's answer: 23.4 * 3 = 70.2
looks very reasonable to me
Damon is correct and your teacher's answer is wrong.
We used to use an approximation formula called "the rule of 72"
To double your money, you simply multiply the rate by the number of years and you will get appr. 72
for Damon's answer: 23.4 * 3 = 70.2
looks very reasonable to me