SOLUTION: An amount is invested in an account that offers 5% (percent) interest which is compounded annually. How long will it take for this amount to double?
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Question 534458: An amount is invested in an account that offers 5% (percent) interest which is compounded annually. How long will it take for this amount to double? Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! Assume principal = 100
Amount = 200
Principal P = 100
Amount= 200
years=n
compounded (t) 1
Rate = 5 0.05
Amount = P*((n+r)/n)^n
