Engineering Board Exam Reviewer · Logarithms · medium

How many years will it take money to double at 6% interest compounded annually?

1. 12 years
2. 11.9 years
3. 11.55 years
4. 16.67 years

Answer

B. 11.9 years

Solution

2=(1.06)n n= 2/ 1.06 11.90 years.

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