Compound Interest

Pens8675309

New member
How many years are necessary to double money at 3% interest, compounded annually ? (Round you answer to the nearest tenth, if necessary)

skeeter

Elite Member
$$\displaystyle A = A_0(1 + r)^t$$

$$\displaystyle r = 0.03$$

you want to double $$\displaystyle A_0$$

solve for $$\displaystyle t$$

Subhotosh Khan

Super Moderator
Staff member
$$\displaystyle A = A_0(1 + r)^t$$

$$\displaystyle r = 0.03$$

you want to double $$\displaystyle A_0$$

solve for $$\displaystyle t$$
Very approximate answer (following rule of 72) → 24 years