SOLUTION: At what interest rate (to the nearest hundredth of a percent) compounded annually will money in savings double in five years?
That is my problem and I have tried it like this.
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-> SOLUTION: At what interest rate (to the nearest hundredth of a percent) compounded annually will money in savings double in five years?
That is my problem and I have tried it like this.
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Question 624561: At what interest rate (to the nearest hundredth of a percent) compounded annually will money in savings double in five years?
That is my problem and I have tried it like this.
2=1(1+I)^5 then I distributed the 1 then I just subtracted 1 from both sides and then put the entire problem into logarithmic form and didn't know what to do from there but I figured that I=1 because 5^1=5 but the answer still comes out wrong. I am taking an online course and have already exceeded my limit of times able to take it while still getting the same problem wrong. Answer by solver91311(24713) (Show Source):
