Question #65796
2 Answers
Oct 4, 2017
Explanation:
where
A = Amount, P = Principal, r = annual rate of interest & n = no. of years.
Given A = 2P after n years.
Taking log on both sides,
Oct 6, 2017
See below
Explanation:
We could use the formula given in the problem description:
The questions is asking for time, so let's make
Let's take the natural log of both sides to cancel out the exponential:
We are looking for how long it will take for the money to double. So, that means: FV = 2(PV). If we substitute