SOLUTION: If you save $500 in an account that pays 3% annual interest, how many years will it take for your savings to double in value?

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Question 841087: If you save $500 in an account that pays 3% annual interest, how many years will it take for your savings to double in value?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi,

how many years will it take for your savings to double in value?

A+=+P%281%2Br%2Fn%29%5E%28nt%29   Annual Interest  n = 1

   2 = (1.03)^t

 log(2) = tlog(1.03)

log(2)/log(1.03) = t = 23.45 years