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omeli [17]
3 years ago
11

If you deposit money today in an account that pays 13% annual interest, how long will it take to double your money? Round your a

nswer to two decimal places.
Business
1 answer:
garri49 [273]3 years ago
4 0

Answer:

The deposits will double the initial investment after 5.67 periods

Explanation:

we solve for the time n at which a principal of 1 at 13% interest rate become 2

1(1+r)^n=FV\\1.13^n=2\\log_{1.13}2 =  n\\\frac{log 2}{log 1.13}  = 5.671417169

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