Question 10 4 pts At 10 percent interest, how long does it take to quadruple your...

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Answer 1

Answer #1

We use the formula:
A=P(1+r/100)^n
where
A=future value($4x)
P=present value($x say)
r=rate of interest
n=time period.

4x=x*(1.1)^n

4=(1.1)^n

Taking log on both sides;

log 4=n*log (1.1)

n=log 4/log (1.1)

=14.55 years(Approx).

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Answer 2

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