How long will money in savings take to double at 5% interest compounded annually? Round the answer to the nearest hundredth of a year.

Solve this application using logarithms.

Question

How long will money in savings take to double at 5% interest compounded annually? Round the answer to the nearest hundredth of a year.

Solve this application using logarithms.

ganeshie8 · Answer

Lets say the initial money = $\large x$

ganeshie8 · Answer

after doubling it would be : $\large  2x$, 
and lets say it takes $\large t$ years to double

ganeshie8 · Answer

use the compound interest formula :

$\large 2x = x(1+0.05)^t$

$\large    2 =   (1.05)^t$

ganeshie8 · Answer

take log both sides and solve $\large t$, can u ?

anonymous · Answer

I'm comfused