Whats 9 + 10 = ?? If ykyk :P
2 answers:
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A=future amount
P=present amount
r=rate in decimal
n=number of times per year compounded
t=time in years
how many years to double
basically
A=2P at t=?
so we can simplify and ignore the pricipal given and do
r=7%=0.07
n=2 (semiannualy means 2 times per year)
t=t
take the ln of both sides
divide both sides by ln1.035
times 2 both sides
use calculator
40.2976=t
nearest tenth
40.3
about 40.3 years