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Doubling your money Determine how much time is required
Chapter 1, Problem 82E(choose chapter or problem)
QUESTION:
Problem 82E
Doubling your money Determine how much time is required for a $500 investment to double in value if interest is earned at the rate of 4.75% compounded annually.
Questions & Answers
QUESTION:
Problem 82E
Doubling your money Determine how much time is required for a $500 investment to double in value if interest is earned at the rate of 4.75% compounded annually.
ANSWER:
Solution
Step 1 of 2
In this problem, we have to find how much time is required to double the amount.
Given that and
The amount at any time in years is