SOLUTION: In how many years will an account double itself at 5% interest compounded annually

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Question 612376: In how many years will an account double itself at 5% interest compounded annually
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
In how many years will an account double itself at 5% interest compounded annually
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A(t) = P(1+(r/n))^(nt)
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2P = P(1+0.05)^(t
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1.05^t = 2
t = ln(2)/ln(1.05)
t = 14.2 years
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Cheers,
Stan H.