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(10682) About Me  (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(30993) About Me  (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
-----------
%281+%2B+r%29%5E5+=+2 r = interest rate
1+%2B+r+=+root%285%2C2%29
r+=+root%285%2C2%29+-+1
r =~ 0.1486 = 14.86% per year