Asked by Jessie
if you invested money into an account that pays 9% a compounded weekly, how many years would it take for your deposit to double?
Using the formula: A=P(1+i)^n
Using the formula: A=P(1+i)^n
Answers
Answered by
Damon
hummm
I do not think you mean
".....pays 9% a compounded weekly"
but
".....pays 9% a YEAR compounded weekly"
and I will assume that
so every month increase is 9%/12
which is .0075
so every month multiply by 1.0075
2 = 1.0075^n where n is number of months
log 2 = n log 1.0075
n = 92.8 months
= 7.73 years
I do not think you mean
".....pays 9% a compounded weekly"
but
".....pays 9% a YEAR compounded weekly"
and I will assume that
so every month increase is 9%/12
which is .0075
so every month multiply by 1.0075
2 = 1.0075^n where n is number of months
log 2 = n log 1.0075
n = 92.8 months
= 7.73 years