John invests $200 at 4.5% compound annually. About how long will it take for John's investment to double in value?
A. 6 yrs
B. 9 yrs
C. 12 yrs
D. 16 yrs
E. 20 yrs
SHOW WORk PLZ!
A. 6 yrs
B. 9 yrs
C. 12 yrs
D. 16 yrs
E. 20 yrs
SHOW WORk PLZ!
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M = Mo (1 + i)^n
2 Mo = Mo (1 + i)^n
(1 + i)^n = 2
n ln (1 + i ) = ln 2
n = ln 2/ln (1 + i)
n = ln 2/ln (1 + 4.5/100)
n = 15.74
n ≈ 16 years...
2 Mo = Mo (1 + i)^n
(1 + i)^n = 2
n ln (1 + i ) = ln 2
n = ln 2/ln (1 + i)
n = ln 2/ln (1 + 4.5/100)
n = 15.74
n ≈ 16 years...