tubacrossed
tubacrossed tubacrossed
  • 01-06-2016
  • Mathematics
contestada

At what interest rate (to the nearest hundredth of a percent) compounded annually will money in savings double in five years?

Respuesta :

Hagrid
Hagrid Hagrid
  • 14-06-2016
For a single payment with compound interest, the equation to use is F=P(1+i)^n where F is the value after n periods, P is the present value, and i is the interest rate.

If we want the final value F to double in 5 years, F is then equal to P then n=5. The equation is now:

2P=P(1+i)^5
2=(1+i)^5
i=14.87% per year
Answer Link

Otras preguntas

two complementary angles are in the ratio 1:2 find the measure for the larger angle
Please help me with this
The density of a certain material is such that it weighs 9 kilograms for every 7 cubic feet of volume. Express this density in pounds per pint. Round your answe
Write 4 sentences about a 2021 song you really like and why you like it ?
Which two pieces of data would support the idea that pangaea once existed?A. Fossils of one plant species found all over one continent.B. Similar mountain forma
Write chitr Varnan on this picture Everything should be written in hindi or roman hindi ...I will mark you as brainlist if you do it...
Match the following terms with the correct definition.
how Do I solve17 1/2 - 10 1/8​
Angie is working on a project for her history class. The first half of the project took her 7/12 of an hour. The second half of the project took her 13/18 of an
Please help I will give you the brainiest