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£500 is invested at 12.3% compound interest per annum. How many years will it take for the initial investment to double in value? Give your answer in years.

Respuesta :

mathstudent55

Answer:

5.88 years

Step-by-step explanation:

A = P(1 + r)^t

1000 = 500(1 + 0.125)^t

1.125^t = 2

log 1.125^t = log 2

t × log 1.125 = log 2

t = log 2 / log 1.125

t = 5.88

Answer: 5.88 years

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