SOLUTION: A sum of money that was invested at a fixed rate of interest doubled in value in 15 years. The interest was compounded yearly. find the rate of interest to the nearest tenth of a

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Question 841349: A sum of money that was invested at a fixed rate of interest doubled in value in 15 years. The interest was compounded yearly. find the rate of interest to the nearest tenth of a percent
Answer by ewatrrr(24785)   (Show Source): You can put this solution on YOUR website!
 
Hi, Previously Posted
In General
2 = (1+r)^15
log 2 /15 = log(1+r)
.02 = log(1+r)
10^(.02) = 1+r
10^(.02) - 1 = .047 0r 4.7% (to the nearest tenth)
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