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29 September, 21:41

Jordan wants to know how long it will take for the money she deposited to double. she has an interest rate of 4 percent. calculate how long it will take her money to double. four years sixteen years eighteen years eighteen months

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  1. 29 September, 22:05
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    2=1.04^t

    t=ln2 / (ln1.04)

    t=17.673 (approx)

    so t=18 (although you will have slightly more than double)
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