SOLUTION: determine how much time is required for an investement to double in value if interest is earned at the rate of 6.25 % compounded annually?

SOLUTION: determine how much time is required for an investement to double in value if interest is earned at the rate of 6.25 % compounded annually?

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Question 325021: determine how much time is required for an investement to double in value if interest is earned at the rate of 6.25 % compounded annually?
Answer by galactus(183) (Show Source): You can put this solution on YOUR website!
The formula for interest is

Since the problem asks for how long to double, then A=2P.

r=.0625 and n=1

or about 11 years, 158 days
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