A sum of $90,000 earns interest at a rate of 8 percent per year
compounded semiannually. How long will it take for the investment to
grow to double?
Answers
Answered by
1
Answer:
Step-by-step explanation:
s=p(1+r/m)^nm
p=90000
s=180000
r=8%=0.08
m=2
n=?
180000=90000(1+0.08/2)^n*2
n=8.84
or
n=9 years
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