A deposit placed in an interest-earning account earning 8% a year will double in value in ___ years.
Please use the formula
Future Value = Present Value(1 + r)t
Here,
Future Value = 2*Present Value
Interest Rate = 8% annually
2*Present Value = Present Value(1 + 0.08)t
2 = (1.08)t
Using Log,
log(2) = t*log(1.08)
t = log(2)/log(1.08)
t = 9 years
So,
Deposit will double in 9 years in an account earning 8% annually
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