gracelydia26 gracelydia26

27-08-2020
Mathematics

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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?

If 10000 is placed in an investment paying 48 yearly interest compounded annually how long will it take for the account to double class=

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oscar236 oscar236

27-08-2020

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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