How Long Will It Take To Double My Money At 8% Interest Interest Rate And Continue Compounding?
Round to the nearest hundredth's please please help me answer this question
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You want to solve 2 = (1.08)^n for n.
Take the log of both sides:
log[2] = n*log[1.08]
Divide by log[1.08]:
log[2]/log[1.08] = n
.30103/.033424 = n = 9.01 years
Take the log of both sides:
log[2] = n*log[1.08]
Divide by log[1.08]:
log[2]/log[1.08] = n
.30103/.033424 = n = 9.01 years
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For continous compounding, you want to find n in 2=e^(.08n). Take the natural log of both sides to get Ln[2]=.08n, then divide both sides by .08 to get Ln[2]/.08 = n ≈ 8.66.
If compounding is continuous at 8% per year, it will take approximately 8.66 years to double your money.
If compounding is continuous at 8% per year, it will take approximately 8.66 years to double your money.
It should take around 10 years or so to double your money anyway it is a long long time....have patience...
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