Asked by eliza
How long will it take an investment that pays 5% compunded annually to double in value?
Answers
Answered by
drwls
Solve the equation (1.05)^y = 2
y will be the number of years.
It can be solved with logs and a calculator.
y = log2/log1.05 = 14.2
The base of the log does not matter as long as it is the same for both.
y will be the number of years.
It can be solved with logs and a calculator.
y = log2/log1.05 = 14.2
The base of the log does not matter as long as it is the same for both.
There are no AI answers yet. The ability to request AI answers is coming soon!