Asked by Lexie
What nominal annual rate of interest compounded yearly is required to double an investment in 13 years?
Answers
Answered by
Steve
2 = (1+r)^13
2^(1/13) = 1+r
r = 2^(1/13)-1 = 5.48%
2^(1/13) = 1+r
r = 2^(1/13)-1 = 5.48%
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