document.write( "Question 472761: How long will money in savings take to double at 5% interest compounded annually? Round the answer ot the nearest hundredth of a year. \n" ); document.write( "

Algebra.Com's Answer #324102 by ewatrrr(24785) $\"\"$ $\"About$

You can put this solution on YOUR website!

 
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document.write( "Hi, 
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document.write( "How long will money in savings take to double at 5% interest compounded annually? 
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document.write( "A= p(1+r/n) ^nt 
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document.write( " 2 = (1.05)^t
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document.write( "log 2/log(1.05) = t
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document.write( "      t = 14.21 yrs  (to the nearest hundredth of a year) \n" );
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