If you earn 10% per year on your bank account, how long will it take an account with $105 to double to $210? Do not round intermediate celcu

If you earn 10% per year on your bank account, how long will it take an account with $105 to double to $210? Do not round intermediate celculations. Round your answer to 2 decimal places.) Number of years _________.

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  1. Answer:

    n= 7.27 years

    Explanation:

    Giving the following information:

    Interest rate= 10%

    Future value (FV)= $210

    Present value (PV)= $105

    To calculate the number of years to double the investment, we need to use the following formula:

    n= ln(FV/PV) / ln(1+i)  

    n= ln(210/105) / ln(1.1)

    n= 7.27 years

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