Question 1172939
{{{Total}}} = {{{Pe^rt}}}
<pr>
{{{24000}}} = {{{12000e^r(10)}}}
<pr>
{{{24000}}} = {{{12000e^(10r)}}}
<pr>
{{{2}}} = {{{e^(10r)}}}
<pr>
{{{2}}} = {{{2.718^(10r)}}}
<pr>
{{{log(2.718,2) = 10r}}}
<pr>
{{{0.6932 = 10r}}}
<pr>
{{{r = 0.0693}}}
<pr>
The interest rate needed to double the $12,000 after 10 years is 6.93%.