document.write( "Question 1177589: After what period is the interest generated equal to the original principal if the account pays 6% compounded daily? \n" ); document.write( "

Algebra.Com's Answer #853726 by ikleyn(53618) $\"\"$ $\"About$

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\n" ); document.write( "After what period is the interest generated equal to the original principal if the account pays 6% compounded daily?
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\n" ); document.write( "\n" ); document.write( " Calculations in the post by @mananth are incorrect.\r
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document.write( "Let Principal be 100\r\n" );
document.write( "Amount (FV) = 200\r\n" );
document.write( "interest rate per year = 6% = 0.06\r\n" );
document.write( "compounded daily\r\n" );
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document.write( "Amount = ,  where 'n' is the number of days\r\n" );
document.write( "                                  (counting 365 days in a year)\r\n" );
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document.write( "200 = 100*(1+0.06/365)^n}}}\r\n" );
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document.write( "2 = \r\n" );
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document.write( "ln(2) = \r\n" );
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document.write( "n =  = 4217 days  (rounded),  or 11.553 years  (rounded).    ANSWER\r\n" );
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\n" ); document.write( "\n" ); document.write( "Solved in a way as it is expected to be solved.\r
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