find the interest rate at which a sum will double in 5 years
find the interest rate at which a sum will double in 5 years.
Answer: The formula to calculate the interest rate at which a sum will double in a certain number of years is:
r = 72 / t
where r is the interest rate and t is the number of years.
Using this formula, we can calculate that the interest rate at which a sum will double in 5 years is:
r = 72 / 5
r = 14.4%
Therefore, if you invest a certain sum of money with an annual interest rate of 14.4%, it will take approximately 5 years for the money to double.