Question 758619
How many years would it take for $1.00 to double if it is compounded annually at 5%
.
Formula:
A = P(1+r)^t
2 = 1(1+.05)^t
2 = (1.05)^t
{{{log(1.05,2)}}} = t
log(2)/log(1.05) = t
14.2 years = t