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rosijanka [135]

3 years ago

8

If $10,000 is placed in an investment paying 4.8% yearly interest compounded annually, how long will it take for the account to

double?

1 answer:

vaieri [72.5K]3 years ago

4 0

Answer:

15 years.

Step-by-step explanation:

We have the equation:

20000 = 10000(1 + 0.048)^t where t is the number of years.

1.048 t = 20000/10000 = 2

Taking logs:

t ln 1.048 = ln 2

t = ln 2 / ln 1.048

t = 14.78

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