Asked by Geo
Invest $2800 @ 4.7% a year (compound). How long it will take to double the amount invested to the nearest tenth of the year?
Answers
Answered by
bobpursley
so the question is when is interest compounded? annually, daily, monthly? every 10th of the year? It matters.
Answered by
Steve
assuming annual compounding, you want t such that
1.047^t = 2
1.047^t = 2
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