Asked by Terri
need to know how to solve this problem At what ratae will 150 double itself in 14 years?
Answers
Answered by
MathMate
First use the rule of 72 to get an approximation:
N=72/14= 5.1 %
The real calculation is:
(1+x)<sup>14</sup> = 2
take log on both sides,
14log(1+x) = log(2)
log(1+x) = log(2)/14
1+x =e<sup>log(2)/14</sup>
x = e<sup>log(2)/14</sup> -1
=0.05076
The percentage required is 5.076%
(approx. equal to 5.1% estimated earlier)
N=72/14= 5.1 %
The real calculation is:
(1+x)<sup>14</sup> = 2
take log on both sides,
14log(1+x) = log(2)
log(1+x) = log(2)/14
1+x =e<sup>log(2)/14</sup>
x = e<sup>log(2)/14</sup> -1
=0.05076
The percentage required is 5.076%
(approx. equal to 5.1% estimated earlier)
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