anonymous
  • anonymous
does anyone know how to find the compounding interest that has a doubling time of 9 years?
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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katieb
  • katieb
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anonymous
  • anonymous
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
anonymous
  • anonymous
Roughly 4.61%
anonymous
  • anonymous
by trying various values x you can solve for y using logs x must be a decimal - ie 4% is written as .04

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anonymous
  • anonymous
if my formula is correct you would double with interest rate of about 8.1%. I'm not sure of this formula though.
anonymous
  • anonymous
Sorry my percentage is incorrect, you should obtain an answer of about 8.002%
anonymous
  • anonymous
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.
anonymous
  • anonymous
yes meth

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