8 + 7zP4 + 3x + 9zP4+ 21x + 12 =
2 answers:
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To solve this problem you must apply the proccedure shown below:
1. You must apply the following formula:
Where is the future value,
is the present value,
is the interest rate and
is the time in years.
2. You have that the bank will double your money in years. Therefore:
3. Substitute values into the formula and solve for , as following:
4. By applying natural logarithm, you have:
%
The answer is: %