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  • Averages

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    Amit Dhami
    14 views12 pages
    The document presents a formula to calculate compound interest over time. It shows that with an annual interest rate of 8% compounded annually, the number of years for an amount to double is approximately 9 years. The key parts of the formula are: A is the final amount, P is the principal, r is the annual interest rate as a decimal, n is the number of times interest is compounded per year, and t is the number of years.

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    The document presents a formula to calculate compound interest over time. It shows that with an annual interest rate of 8% compounded annually, the number of years for an amount to double is approximately 9 years. The key parts of the formula are: A is the final amount, P is the principal, r is the annual interest rate as a decimal, n is the number of times interest is compounded per year, and t is the number of years.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    14 views12 pages

    Averages

    Uploaded by

    Amit Dhami
    The document presents a formula to calculate compound interest over time. It shows that with an annual interest rate of 8% compounded annually, the number of years for an amount to double is approximately 9 years. The key parts of the formula are: A is the final amount, P is the principal, r is the annual interest rate as a decimal, n is the number of times interest is compounded per year, and t is the number of years.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 12

    No. of year to double an amount with 8% compound interest rate.post ans with the explanation?

    A formula for calculating annual compound interest is

    A = P (1 + r/n)^nt

    Where,

    A = final amount
    P = principal amount (initial investment)
    r = annual nominal interest rate (as a decimal, not in percentage)
    n = number of times the interest is compounded per year
    t = number of years

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