Double of principal

How long will it take for the principal to double at 12.25% annual interest?

Final Answer:

t =  6

Step-by-step explanation:

q=100%+12.25%=1+10012.25=1.1225  2 = qt ln 2 = t ln q  t=lnqln2=ln1.1225ln2=6



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algebrabasic operations and conceptsUnits of physical quantitiesGrade of the word problem

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