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anonymous

  • 5 years ago

does anyone know how to find the compounding interest that has a doubling time of 9 years?

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  1. anonymous
    • 5 years ago
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    i believe you can do this by using the follownig formula 2000 = 1000(1 + x)^y where x = annual rate and y = the number of years

  2. anonymous
    • 5 years ago
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    Roughly 4.61%

  3. anonymous
    • 5 years ago
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    by trying various values x you can solve for y using logs x must be a decimal - ie 4% is written as .04

  4. anonymous
    • 5 years ago
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    if my formula is correct you would double with interest rate of about 8.1%. I'm not sure of this formula though.

  5. anonymous
    • 5 years ago
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    Sorry my percentage is incorrect, you should obtain an answer of about 8.002%

  6. anonymous
    • 5 years ago
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    i just checked my answer by adding 8.1% compound interest each year and it worked out to that 1000 increased to 2015 after nine years so this figure is roughly correct.

  7. anonymous
    • 5 years ago
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    yes meth

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