SOLUTION: An amount is invested in an account that offers 5% (percent) interest which is compounded annually. How long will it take for this amount to double?

Question 534458: An amount is invested in an account that offers 5% (percent) interest which is compounded annually. How long will it take for this amount to double?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Assume principal = 100
Amount = 200
Principal P = 100
Amount= 200
years=n
compounded (t) 1
Rate = 5 0.05
Amount = P*((n+r)/n)^n

200 = 100 *( 1 + 0.05 )^ n*t
2 = *( 1 + 0.05 )^ n* 1
ln 2 = 1 n *ln 1.05
0.69 = 1 0.05 *n
14.21 = n
14.21 years
m.ananth@hotmail.ca

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