Answer:
15 Years or 14.5 Years
Step-by-step explanation:
According to the Question,
- Given That, Cora invests $1000 at Rate of 5% Per Annum. Interest is compounded semi-annually, After What time her money to get double.
- We Know, the formula A=P(1+r/n)^(nt) (where r=0.05 , p=1000 , A=2000 , n=2)
Put the Given value in Formula, We get
2000 = 1000 (1 + 0.05/2) ^ 2t
2 = (1+0.025)^2t
2 = (1.025)^2t ⇔ 1.025^30 = 2.0975 ≈ 2
Thus, 2t = 30 ⇒ t = 15 Years
OR
2 = (1.025)^2t ⇔ 1.025^29 = 2.0464 ≈ 2
Thus, 2t = 29 ⇒ t = 14.5 Years
