Question

in what time will a sum of money double itself at 15% p.a.?​

Answer 1

The time required is 5 years.

Step-by-step explanation:

The formula to compute the amount is:

$A=P[1+\frac{r}{100}]^{t}$

The information provided is:

P = x

A = 2x

r = 15% p.a.

Compute the value of t as follows:

$A=P[1+\frac{r}{100}]^{t}\\2x=x\times [1+\frac{15}{100}]^{t}\\2=[1+0.15]^{t}\\2=1.15^{t}\\\log(2)=t\log(1.15)\\t=\frac{\log(2)}{\log(1.15)}\\t=4.9595\\t\approx5$

Thus, the time required is 5 years.

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