SOLUTION: At what nominal rate of interest , compounded yearly, will money double in eight years?
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Question 449421: At what nominal rate of interest , compounded yearly, will money double in eight years?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
At what nominal rate of interest , compounded yearly, will money double in eight years?
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The multiplying factor is (1+r)^8
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Solve (1+r)^8 = 2
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1+r = 2^(1/8) = 1.0905
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r = 0.0905 or 9.05%
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Cheers,
Stan H.
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