In how many years will a sum of money double at 5% p.a. compound interest?
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Answer:
When we replace r with 0.05 (5%), we find t=14.2067, 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).
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Step-by-step explanation:
When we replace r with 0.05 (5%), we find t=14.2067, 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).
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