Suppose that 10000 dollars is deposited into a savings account earning an interest rate of 8% compounded yearly. How long will it take for this investment to double in value?
Added by Megan C.
Step 1
- P is the principal amount (the initial amount of money). - r is the annual interest rate (in decimal form). - n is the number of times that interest is compounded per year. - t is the time the money is invested for in years. In this case, we want to find out Show more…
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