How long will it take to double your money with a growth rate of
4.0 percent and 5.00 percent respectively?
(Round your answers to 1
decimal place.)
Growth rate | ||
4.0 percent | ( )Years | |
5.00 percent | ( )Years | |
1. The number of years is computed as shown below:
Future value = Present value x (1 + r)n
$ 2 = $ 1 x (1 + 0.04)n
2 = 1.04 n
Taking log both sides, we shall get:
log 2 = n log 1.04
0.693147181 = n x 0.039220713
n = 0.693147181 / 0.039220713
n = 17.7 years Approximately
2. The number of years is computed as shown below:
Future value = Present value x (1 + r)n
$ 2 = $ 1 x (1 + 0.05)n
2 = 1.05 n
Taking log both sides, we shall get:
log 2 = n log 1.05
0.693147181 = n x 0.048790164
n = 0.693147181 / 0.048790164
n = 14.2 years Approximately
Feel free to ask in case of any query relating to this question
How long will it take to double your money with a growth rate of 4.0 percent...
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