SOLUTION: I can't do word problems please help if you can. Thank you 20.)An annuity has a record of 9.58% annual growth compounded annually. how long will it take to double your money in

Question 64354: I can't do word problems please help if you can. Thank you
20.)An annuity has a record of 9.58% annual growth compounded annually. how long will it take to double your money in this fund?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
An annuity has a record of 9.58% annual growth compounded annually. how long will it take to double your money in this fund?
---------
2A = A(1+r/n)^(nt)
2A = A (1+0.0958/1)^(t)
2=(1.0958)^t
Take the log of both sides to get;
log2 = t (log 1.0958)
t= 7.58 years to double your money
Cheers,
Stan H.
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