How many years would it take for an investment to double in dollar terms if invested...

How many years would it take for an investment to double in dollar terms if invested at 4%p.a.?

Please give your answer to the nearest whole number

Expert Solution

we can calculate manually

FV = PV (1+i)n

2 = 1 * ( 1.04)n

(1.04)n = 2

apply log on both sides

n log (1.04) = log (2)

n = log (2) / Log(1.04) = 0.30102999566 / 0.0170333392

n =17.67299 year = 18 year

jeff jeffy answered 1 year ago

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