SOLUTION: a loan of $12,000 is made at 14%interest compounded annually,after t years the amount due,A is given by the function A(t)=12,000(1.14)^t find the doubling time.

Algebra ->  Logarithm Solvers, Trainers and Word Problems -> SOLUTION: a loan of $12,000 is made at 14%interest compounded annually,after t years the amount due,A is given by the function A(t)=12,000(1.14)^t find the doubling time.      Log On


   

Question 235819: a loan of $12,000 is made at 14%interest compounded annually,after t years the amount due,A is given by the function A(t)=12,000(1.14)^t
find the doubling time.
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
n=in2/in(1+i)
n=.301/.0569
n=5.29 yrs