Compound Interest

[Pens8675309]

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

 

[skeeter]

[MATH]A = A_0(1 + r)^t[/MATH]
[MATH]r = 0.03[/MATH]
you want to double [MATH]A_0[/MATH]
solve for [MATH]t[/MATH]

 

[Deleted member 4993]

[MATH]A = A_0(1 + r)^t[/MATH]
[MATH]r = 0.03[/MATH]
you want to double [MATH]A_0[/MATH]
solve for [MATH]t[/MATH]

Very approximate answer (following rule of 72) → 24 years