SOLUTION: how many years would it take to double $100 if it earned interest at a rate of 8% per year?
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Question 220267: how many years would it take to double $100 if it earned interest at a rate of 8% per year?
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
This becomes:
This becomes:
This becomes:
x = 9.006468342
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to prove this is true, substitute in original equation to get:
This becomes:
200 = 200 confirming the answer of x = 9.006468342 is good.
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It would take 9.006468342 years to double your money at 8% compounded yearly.
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