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Timmy has $50, he puts it in a bank and profits 2,5% every year. How many years does it take until Timmy has $100?

 Mar 17, 2020
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Final Amount  =  Initial Amount · ( 1 + rate )number of compounding periods

               100  =  50 · ( 1 + 0.025 )n

               100  =  50(1.025)n

                   2  =  (1.025)n                                       

            log(2)  =  log( 1.025n )

            log(2)  =  n · log(1.025)

                   n  =  log(2) / log(1.025)

 Mar 17, 2020

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