## anonymous 5 years ago How many years will it take an investment of \$1,000 to double itself when interest is compounded annually at 8%? 18.5 yrs 9 yrs 7.2 yrs 1.85 yrs

1. anonymous

$2=(1.080^y$ $y=\frac{ln(2)}{ln(1.08)}$

2. anonymous

second step is change of base formula. to solve $b^x=A$ for x the solution is $x=\frac{ln(A)}{ln(b)}$

3. anonymous

to get the decimal number you need a calculator.

4. anonymous