The question in my book is so vague I don't understand it ??? I don't even know what formula to us for this is have a list of formulas too.
How long will it take money to double if it is invested at 7.5% compounded daily? 7.5% compounded annually?
The question in my book is so vague I don't understand it ??? I don't even know what formula to us for this is have a list of formulas too.
How long will it take money to double if it is invested at 7.5% compounded daily? 7.5% compounded annually?
1. The amount of money at the time t is:
2. Let A(0) = 1 $. Then A(t) = 2 $
If the invested money is compounded daily then the percentage will be . Thus you have to solve for t:
I've got
3. If the invested money is compounded annually then the percentage will be 0.075. Thus you have to solve for t:
I've got
4. Now you have to write a comment!