To find: The time doubling the money value when interest is compounded annually.
Answer to Problem 47E
The amount $ 500 will gets double in 14 years and
Explanation of Solution
Given data:
The principal amount is
Method/Formula used:
Suppose a principal amount P is invested in a scheme at the interest rate
Calculation:
The principal amount P is
Let in time t years the amount P gets double, that is the principal amount A equals 2P .
Substitute 2P for A and
Taking log (to the base 10) of both sides
Thus, the amount $ 500 will gets double in 14 years and
Chapter 0 Solutions
Advanced Placement Calculus Graphical Numerical Algebraic Sixth Edition High School Binding Copyright 2020
- Calculus: Early TranscendentalsCalculusISBN:9781285741550Author:James StewartPublisher:Cengage LearningThomas' Calculus (14th Edition)CalculusISBN:9780134438986Author:Joel R. Hass, Christopher E. Heil, Maurice D. WeirPublisher:PEARSONCalculus: Early Transcendentals (3rd Edition)CalculusISBN:9780134763644Author:William L. Briggs, Lyle Cochran, Bernard Gillett, Eric SchulzPublisher:PEARSON
- Calculus: Early TranscendentalsCalculusISBN:9781319050740Author:Jon Rogawski, Colin Adams, Robert FranzosaPublisher:W. H. FreemanCalculus: Early Transcendental FunctionsCalculusISBN:9781337552516Author:Ron Larson, Bruce H. EdwardsPublisher:Cengage Learning