SOLUTION: If you deposit money today into an account that pays 6.5% interest, how long will it take for you to double your money?
I am having difficulty figuring this out and need some he
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I am having difficulty figuring this out and need some he
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Question 92293: If you deposit money today into an account that pays 6.5% interest, how long will it take for you to double your money?
I am having difficulty figuring this out and need some help to solve this problem. Thanks Answer by Nate(3500) (Show Source):
You can put this solution on YOUR website! f(x) = x(1 + r)^t determines amount after t time
f(x) = final amount = 2x because you want your money to double
x = initial amount
r = rate
t = time
2x = x(1 + 0.065)^t
2 = (1.065)^t
log(2) = t*log(1.065)
log(2)/log(1.065) = t
About 11 years (or whatever the time is...)
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