Question 829965: Manny has his money in a savings account earning 3% interest. How long will it take his money to double? Answer by LinnW(1048) (Show Source):
You can put this solution on YOUR website! assume we are starting with $100
(100)*(1+3%)^n = 200
(100)*(1.03)^n = 200
divide each side by 100
(1.03)^n = 2
take log of each side
log((1.03)^n)=log(2)
nlog(1.03)=log(2)
divide each side by log(1.03)
n = log(2)/log(1.03) = 23.449 years
