A bank is offering a new savings account that pays 8% per year.Which formula below shows the calculation for determining how long it will take a $100 investment to double?
B) n = 1.08ln(2)
C) n = 2ln(1.08)

Name: A bank is offering a new savings account that pays 8% per year.Which formula below shows the calculation for determining how long it will take a $100 investment to double? B) n = 1.08ln(2) C) n = 2ln(1.08)
Brand: Quizplus
Rating: 5.0 (49 reviews)

Question

A bank is offering a new savings account that pays 8% per year.Which formula below shows the calculation for determining how long it will take a $100 investment to double?
B) n = 1.08ln(2) 
C) n = 2ln(1.08)

Quizplus · Accepted Answer

$200 = $100 * (1.08)^n
ln 2 = n ln (1.08)
n = ln 2/ ln (1.08)

A Bank Is Offering a New Savings Account That Pays