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lets suppose time = x then double time = 2x okay ???
t = log 2/log 1.08 = 9.006468 years
Why log 1.08?
yea where did you get that from?
Somebody help, I'm confused :(
i gave you the answer i cant give you the show work to
oops guys I must apologise I had it the wrong way round! you divide the rate into 72 so it is 72 / 9.8 = 7.35 years
That's wrong @welshfella
@kinggg How did you get log 1.08? Where did the number 1.08 come from?
how do you know its wrong?
I entered it and it said answer is NOT CORRECT
@kinggg 9.006468 years is incorrect too
i think the log formula is ln2 / ln(1.098)
that gives 7.41 years
7.41 years is correct!
Lets do it the long way teh suppose the principle is $100 we have double amount 200 = 100(1 + 0.098)^n (1.098)^n = 2 take logs:- n ln 1.098 = ln n = ln 2 / ln1.098) = 7.41
are you doing Exponential growth, doubling time
rounding that up its 8 years
8 years ,, let 100 be the investment so 100*1.098=,,,,,
i guess that the interest is paid at the end of the year so that would make it 8.