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> What is The doubling time of an account that pays 3% interest compounded daily?
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What is The doubling time of an account that pays 3% interest compounded daily?
What is The doubling time of an account that pays 3% interest compounded daily?
Posted at：
2014-12-05
ffective annual interest rate is (1+.03/365)^365=1.030453.
So want A(1.030453)^n=2A.
n ln(1.030453) = ln(2).
Solving , n=23.106 years
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