document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=449421>Question 449421</A>: <I><SPAN STYLE=\"word-break: break-all;\"> At what nominal rate of interest , compounded yearly, will money double in eight years?  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #309159 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=309159\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> At what nominal rate of interest , compounded yearly, will money double in eight years? <BR>\n" );
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document.write( "The multiplying factor is (1+r)^8<BR>\n" );
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document.write( "Solve (1+r)^8 = 2<BR>\n" );
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document.write( "1+r = 2^(1/8) = 1.0905<BR>\n" );
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document.write( "r = 0.0905 or 9.05%<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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