SOLUTION: if interest is compounded annually, how long does it take $1,000 to double at 8% interest?
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Question 332996: if interest is compounded annually, how long does it take $1,000 to double at 8% interest?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
A=P(1+(r/100))^n
2000=1000*(1+0.08)^n
divide by 1000
2000/1000 = 1.08^n
2= 1.08^n
take log on both sides
log 2 = n*log 1.08
divide by log (1.08)
log2/log 1.08 = n
n = 9 years
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