SOLUTION: How long will money in savings take to double at 5% interest compounded annually? Round the answer ot the nearest hundredth of a year.

Question 472761: How long will money in savings take to double at 5% interest compounded annually? Round the answer ot the nearest hundredth of a year.
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!

 

Hi, 

How long will money in savings take to double at 5% interest compounded annually? 

A= p(1+r/n) ^nt 

 2 = (1.05)^t

log 2/log(1.05) = t

      t = 14.21 yrs  (to the nearest hundredth of a year) 

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