Question 137592
i=p(1+r)^t
in this equation (1+r)^t must=2 to double
the principle.
(1+.05)^t=2
1.05^t=2
[here the 't' value was obtained by the trial & error methoid as my calculator doesn't have the proper function.]
t=14.207 or it wil take 14.207 years to double your investment @ 5% annually.