SOLUTION: what rate of interest compounded annually is required to double an investment in 15 years

Algebra ->  Logarithm Solvers, Trainers and Word Problems -> SOLUTION: what rate of interest compounded annually is required to double an investment in 15 years      Log On


   

Question 376137: what rate of interest compounded annually is required to double an investment in 15 years
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!
Assume P=100
Amount = double = 200
n= 15 years
compounded annualy = q=1
i = rate of interest =?
...
Formula for compound interest
..
i = q([A/P]^1/nq - 1).
i=1*((200/100)^(1/15*1)-1)
i=0.0472
rate = 4.729%
...
m.ananth@hotmail.ca