interest rate is 7% and doubling time is 10.2 years. you have invested $5,000.00. in how many years will your money $40.000.00? choose the best answer from the options below: a 40.8 years b 35.6 years c 30.2 years d 30.6 years
A = P (1 + I)^n 40000 = 5000 (1 + 0.07)^n (1.07)^n = 40000/5000 = 8 ln(1.07)^n = ln8 nln1.07 = ln8 n = ln8/ln1.07 = 30.7... The best answer is closest to (d) 30.6 years.
