at what rate percent does a principal double itself in 9 years
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Answer:
1. Calculate:
Time (t)
Where: t = log(A/P) / n[log(1 + r/n)]
Total P+I (A): $ 2.00
Principal (P): $ 1.00
Rate (R): % 9
Compound (n): Compounding Monthly (12/Yr)
Answer:
t = 7.73 years
2. Calculate:
Time (t)
Where: t = log(A/P) / n[log(1 + r/n)]
Total P+I (A): $ 11,499.00
Principal (P): $ 10,000.00
Rate (R): % 7
Compound (n): Compounding Annually (1/Yr)
Answer:
t = 2.064 years
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