Question

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?

Answer 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