SOLUTION: At what interest rate (to the nearest hundredth of a percent) compounded annually will money in savings double in five years

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Question 466015: At what interest rate (to the nearest hundredth of a percent) compounded annually will money in savings double in five years
Found 2 solutions by ewatrrr, Alan3354:
Answer by ewatrrr(24785)   (Show Source): You can put this solution on YOUR website!
 
Hi,
A= p(1+r) ^t
2 = (1+r)^5
1.1487 = 1 + r
.1487 = r 14.87% interest rate...money will double in 5 years
Answer by Alan3354(69443)   (Show Source): You can put this solution on YOUR website!
At what interest rate (to the nearest hundredth of a percent) compounded annually will money in savings double in five years
-----------
r = interest rate


r =~ 0.1486 = 14.86% per year

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