SOLUTION: In how many years will it take a certain investment to double itself if the interest is compounded annually at 6%?
Algebra.Com
Question 685044: In how many years will it take a certain investment to double itself if the interest is compounded annually at 6%?
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
In how many years will it take a certain investment to double itself if the interest is compounded annually at 6%?
----------------
FV = PV*(1.06)^t
(1.06)^t = 2
t*log(1.06) = log(2)
t = log(2)/log(1.06)
RELATED QUESTIONS
How many years will it take an investment of $1000 to double itself when interest is... (answered by stanbon)
how many years will it take an investment to triple itself if the interest rate is 9%... (answered by mananth)
In how many years will an account double itself at 5% interest compounded... (answered by Edwin McCravy)
In how many years will an account double itself at 5% interest compounded... (answered by stanbon)
The interest rate charged by various banks that operate credit card System is 1.5 per... (answered by solver91311)
if an investment of $
p earns interest at an annual rate r,and the interest is... (answered by lwsshak3)
How long will it take 1000 dollars to double if it is invested at 6% interest compounded... (answered by lwsshak3)
A principal of $1400 is invested at 6% interest, compounded annually. How many years will (answered by addingup)
How many years does it take for an investment to double in value if it is invested at 6%
(answered by lwsshak3)