SOLUTION: The question asks how long will it take money to double if it is invested into an account that earns 7.5% compounded daily? I just want to know how you would figure that out?

Question 602921: The question asks how long will it take money to double if it is invested into an account that earns 7.5% compounded daily?
I just want to know how you would figure that out?
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!

 

Hi,

how long will it take money to double if it is invested into an account that earns 7.5% compounded daily? 

Using the compound Interest Formula: A =    

 A/P = 2 = 

 ln2 =  365tln(1+.075/365) 

 ln2 /365 = tln(1+.075/365)= .0002t

 .0019/.0002 = t 

 t = 9.495 yrs 

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