P Pens8675309 New member Joined Apr 13, 2021 Messages 4 Apr 13, 2021 #1 How many years are necessary to double money at 3% interest, compounded annually ? (Round you answer to the nearest tenth, if necessary)

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 Joined Dec 15, 2005 Messages 2,913 Apr 13, 2021 #2 \(\displaystyle A = A_0(1 + r)^t\) \(\displaystyle r = 0.03\) you want to double \(\displaystyle A_0\) solve for \(\displaystyle t\)

\(\displaystyle A = A_0(1 + r)^t\) \(\displaystyle r = 0.03\) you want to double \(\displaystyle A_0\) solve for \(\displaystyle t\)

S Subhotosh Khan Super Moderator Staff member Joined Jun 18, 2007 Messages 24,338 Apr 13, 2021 #3 skeeter said: \(\displaystyle A = A_0(1 + r)^t\) \(\displaystyle r = 0.03\) you want to double \(\displaystyle A_0\) solve for \(\displaystyle t\) Click to expand... Very approximate answer (following rule of 72) → 24 years

skeeter said: \(\displaystyle A = A_0(1 + r)^t\) \(\displaystyle r = 0.03\) you want to double \(\displaystyle A_0\) solve for \(\displaystyle t\) Click to expand... Very approximate answer (following rule of 72) → 24 years