Doubling your money Determine how much time is required

Chapter 1, Problem 82E

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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


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