Answer:
in 17.66 years amount will be double
Step-by-step explanation:
given data
amount = $205000
rater = 4 %
time = 6 year
to find out
How long will it take the value to double
solution
let us consider after t time amount will be double
so we apply here formula
amount = principal ( 1 + r )^t
if amount is double
2 principal = principal (1 + 0.04)^t
2 = (1.04)^t
take log both side
log 2 = t log(1.04)
t = log2 / log1.04
t = 17.672988
so in 17.66 years amount will be double
