You deposit $P in an account that gives you 8% interest rate per year. If you do not withdraw the m
Question: You deposit $P in an account that gives you 8% interest rate per year. If you do not withdraw the money from the account the value of your account keeps growing.
At any given time the value of your money, M, in the account is given by the relationship:
M = P(1+r)^N.
Where, P = initial deposit
r = interest rate = interest rate in percent/100
N = number of years
How long will it take for the initial deposit to double?
Hint: Keep using different values of N to get to the answer
Price: $2.99
Answer: The solution consists of 1 page
Type of Deliverable: Word Document![](/images/msword.png)
Type of Deliverable: Word Document
![](/images/msword.png)