Solve this application using logarithms. How long will money in savings take to double at 5% interest compounded annually? Round the answer to the nearest hundredth of a year.

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asked Jun 20, 2019 125k views

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Kero Fawzy · Answer 1 · 2019-06-26T03:34:05+0000

Ao is your initial value but since you want your initial to double doesn't matter what that exact value is. R is the rate at 5% (as a decimal) and n is the compounding annually, which is equal to 1.

Solve this application using logarithms. How long will money in savings take to double-example-1

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Solve this application using logarithms. How long will money in savings take to double at 5% interest compounded annually? Round the answer to the nearest hundredth of a year.

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