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9 April, 12:46

Solve this application using logarithms.

How long will money in savings take to double at 5% interest compounded annually? Round the answer to the nearest hundredth of a year.

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  1. 9 April, 13:06
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    Ao is your initial value but since you want your initial to double doesn't matter what that exact value is. R is the rate at 5% (as a decimal) and n is the compounding annually, which is equal to 1.
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