Answer :
Answer:
It will take 15.76 year to double the amount
Step-by-step explanation:
We have given rate of interest r = 4.5 %
Let the principle amount is P
It is given that amount is doubled so amount A = 2P
Amount is given by [tex]A=P(1+\frac{r}{100})^n[/tex], her n is time period
So [tex]2A=A(1+\frac{4.5}{100})^n[/tex]
[tex]1.045^n=2[/tex]
Taking log both side
[tex]nlog1.045=log2[/tex]
[tex]n\times 0.0191=0.3010[/tex]
[tex]n=15.8year[/text]
It will take 15.76 year to double the amount
