The doubling time of an investment is the amount of time it takes to double in value. If an investment with 7.8% annual compound interest is worth $2000, find its doubling time. The doubling time is years. (Round to the nearest tenth.)

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter10: Exponential And Logarithmic Functions
Section10.2: Evaluate And Graph Exponential Functions
Problem 10.32TI: Allan invested $10,000 in a mutual fund. If the interest rate is 5%, how much will be in the account...
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The doubling time of an investment is the amount of time takes to double in value. If an investment with 7.8% annual compound interest is worth $2000, find its doubling
time.
The doubling time is years.
(Round to the nearest tenth.)
Transcribed Image Text:The doubling time of an investment is the amount of time takes to double in value. If an investment with 7.8% annual compound interest is worth $2000, find its doubling time. The doubling time is years. (Round to the nearest tenth.)
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