detemine how much time is required for an investment to double in value if interest (the rest question is down
is earned at the rate of 6.25% compounded annually.plzz telll me how u solve this problem..plzzzzzzzzz help me…
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y = p(1 + r/n)^(nt)
p = initial amount
r = rate
n = compounding
t = time in year
let p be the inital amout then at t years, the amount will be doubled. so new amout is 2p
2p = p (1 + 0.0625 / 1) ^ (1t)
2 = (1.0625)^t
t =log(2) / log (1.0625)
t = 11.433 years
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