If you invested money into an account that pays 9%/a compounded weekly, how many years would it take for your deposit to double?
If you invested money into an account that pays 9%/a compounded weekly, how many years would it take for your deposit to double?
\(2A=A(1+\frac{0.09}{52})^{n}\\ 2=(1+\frac{0.09}{52})^{n}\\ log2=log(1+\frac{0.09}{52})^{n}\\ log2=nlog(1+\frac{0.09}{52})\\ n=log2\div log(1+\frac{0.09}{52})\\\)
log(2)/log(1+0.09/52 = 400.831511360387616 weeks
400.831511360387616/52 = 7.708298295392069538
7.7 years
---------------------------------------------------------------
check
1*(1+0.09/52)^400.83 = 1.9999947728968765
The A stands for any Amount.
There is 1 of them at the start and there must be 2 of them at the end.
I just divided both sides by A to get rid of the A.
I could just have easily have said there was $1 at the beginning and $2 at the end and then I would not have needed the A at all.