jonescookie2005 jonescookie2005
  • 13-04-2018
  • Mathematics
contestada

you are earning 14% on your money. How long will it take to double your money?

Respuesta :

mathmate
mathmate mathmate
  • 13-04-2018
Quick answer (approximate)
Use the rule of 72 to calculate the time=72/14=5.14 years

Accurate answer, assuming compounding period is annual
and using the compound interest formula
2000=1000(1+0.14)^n
Transpose
(1.14)^n=2
n=log(2)/log(1.14)=5.29 years

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