At Westonci.ca, we connect you with the best answers from a community of experienced and knowledgeable individuals. Our platform connects you with professionals ready to provide precise answers to all your questions in various areas of expertise. Get quick and reliable solutions to your questions from a community of experienced experts on our platform.
Sagot :
Answer: 6.93 years
Step-by-step explanation:
Given
Rate of interest is [tex]r=10\%[/tex]
Future value is given by [tex]s=1000e^{0.1t}[/tex]
For the investment to double itself, i.e. [tex]s=2000[/tex]
[tex]\Rightarrow 2000=1000e^{0.1t}\\\Rightarrow 2=e^{0.1t}\\\\\text{Taking log both sides}\\\\\Rightarrow \ln 2=0.1t\\\\\Rightarrow t=\dfrac{\ln 2}{0.1}\\\\\Rightarrow t=6.93\ \text{years}[/tex]
It takes around 6.93 years to double the investment.
We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Get the answers you need at Westonci.ca. Stay informed by returning for our latest expert advice.
