Answer:
It will take 5.29 years to double our money if we invest $500 at 14 percent interest.
Step-by-step explanation:
Let we invest $500 with the interest rate of 14% ,
Now we will find the time it is going to take to double the money
here, we use the formula of compound interest ![A= P( 1+\frac{r}{n}) ^{nt}](https://tex.z-dn.net/?f=A%3D%20P%28%201%2B%5Cfrac%7Br%7D%7Bn%7D%29%20%5E%7Bnt%7D)
Here, A = the amount yielded,
P = principal,
r = interest rate ,
n = number of times per year,
and t = time invested.
Now, put A= 1000 , P= 500 , R= 0.14 T= x and N= 1
![1000=500(1.14)^x](https://tex.z-dn.net/?f=1000%3D500%281.14%29%5Ex)
![2=1.14^x](https://tex.z-dn.net/?f=2%3D1.14%5Ex)
![\log_{1.14} (2)=x](https://tex.z-dn.net/?f=%5Clog_%7B1.14%7D%20%282%29%3Dx)
![x=5.29](https://tex.z-dn.net/?f=x%3D5.29)
so , It will take 5.29 years to double our money if we invest $500 at 14 percent interest.
Hence , the answer is 5.29 years .