SOLUTION: Determine how much time is required for an investment to double in value if interest is earned at the rate 6.25% compounded annually?
Can you please show the steps for the pro
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Question 482036: Determine how much time is required for an investment to double in value if interest is earned at the rate 6.25% compounded annually?
Can you please show the steps for the problem. I would really appreciate it.
Answer by jorel1380(3719) (Show Source): You can put this solution on YOUR website!
(1.0625)^n=2
2^1/n=1.0625
n= approximately 12..
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