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+0
what rate of interest compounded annually is required to double an investment in 3 years?
0
17919
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what rate of interest compounded annually is required to double an investment in 3 years?
Guest Apr 9, 2015
0 users composing answers..
Best Answer
#1
+5
We have
2A =A(1 + r)^3 divide both sides by A
2 = (1 + r)^3 take the log of both sides
log 2 = log(1+ r)^3 and we can write
log 2 =3log(1 + r) divide both sides by 3
(log2) /3 = log ( 1 + r) in exponential form, we have
10 ^[log2 ]/3 = 1 + r subtract 1 from both sides
10 ^[log2 ]/3 - 1 = r = about 25.9 %
CPhill Apr 9, 2015
2+0 Answers
#1
+5
Best Answer
We have
2A =A(1 + r)^3 divide both sides by A
2 = (1 + r)^3 take the log of both sides
log 2 = log(1+ r)^3 and we can write
log 2 =3log(1 + r) divide both sides by 3
(log2) /3 = log ( 1 + r) in exponential form, we have
10 ^[log2 ]/3 = 1 + r subtract 1 from both sides
10 ^[log2 ]/3 - 1 = r = about 25.9 %
CPhill Apr 9, 2015
#2
0
It can be solved more easily.
According to rule 72, the rate needed to double the investment is 72 / 3 = 24
Guest Oct 30, 2016
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