Concept explainers
To determine how long it would take to double money if it is invested at a rate of 8% compounded annually.
Answer to Problem 11P
Hence time to take double the money is 9 years
Explanation of Solution
Given information:
Rate = 8%
Doubling rate is given by formula,
Where
We have to solve for
Now we put
Hence we get,
Sometimes this is directly used to calculate the doubling time when the interest is compounded annually. (Called rule of 72)
Hence time to take double the money is
Chapter 10 Solutions
Algebra and Trigonometry: Structure and Method, Book 2
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