Question

In how many years, a sum will become double at 5% p.a.compound interest.​

Answer 1

Answer:

When we replace with (5%), we find , which means that applying an interest rate of 5% per year, the initial amount will double in 14.2067 years, or 14 years and almost 2 and a half months (2.48 to be exact)

Step-by-step explanation:

Answer 2

Answer:

14 years, 3 months

Step-by-step explanation:

A = P(1+i)^n

2P = P (1+i)^n

2 = (1+i)^n

2 = (1+0.05)^n

2 = (1.05)^n

Taking log on both sides,

log 2 = nlog1.05

n = log2/log1.05

n = 0.3010/0.0211

n = 14 years, 3 months (approx.)