document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1037685>Question 1037685</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Find the rate at which a sum of money will double itself in 3 years , if the interest is compounded annually .<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #652293 by </B><A HREF=/tutors/aboutme.mpl?userid=jorel555><B>jorel555(1290)</B></A><img src=\"/images/stars/stars-12.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=jorel555><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=652293\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> The formula for compound interest is (1+r)^n, where r is the rate of interest, and n is the amount of compounding periods. In order to double our money,(1+r)^3 must equal 2. So:<BR>\n" );
document.write( "(1+r)^3=2<BR>\n" );
document.write( "1+r=cube root of 2=1.25992104989<BR>\n" );
document.write( "r=.25992104989, or 25.992104989% interest to double your money in 3 years!!!!!!!!!! </SPAN>\n" );
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