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08 Apr 2017, 04:49
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B
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
55%
(hard)
Question Stats:
62% (01:40) correct
38%
(01:58)
wrong
based on 212
sessions
History
Date
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Not Attempted Yet
The number of years it would take for the value of an investment to double,at 26% interest compounded annually, is approximately which of the following?
A)2
B)3
C)4
D)5
E)6
A)2
B)3
C)4
D)5
E)6
08 Apr 2017, 05:39
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Suppose invested amount $100. Number of years = t.
then,
200 = 100*(1 + .26)^t
=>(1.26)^t = 2
=>t = 3;
Answer B.
then,
200 = 100*(1 + .26)^t
=>(1.26)^t = 2
=>t = 3;
Answer B.
08 Apr 2017, 07:29
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stonecold
\(A = P ( 1 + \frac{r}{100})^n\)
\(200 = 100 ( 1 + \frac{26}{100})^n\)
\(2 = ( 1 + \frac{26}{100})^n\)
\(2 = 1.26^n\)
Now, calculate -
\(1.26^2 = 1.59\)
\(1.26^3 = 2.00\)
Thus, approximately 3 years is required to double the amount at 26% interest, answer must be (B)
