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7 September, 16:47

Initially invested $800 @ interest rate of 9%. How many years before the investment doubles?

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  1. 7 September, 17:14
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    to solve this problem, you need to use this formula:

    A=P (1+r/n) n⋅t

    A = total amount

    P = principal or amount of money deposited,

    r = annual interest rate

    n = number of times compounded per year

    t = time in years

    but to save you time, it takes you 8 years and 16 days
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