Solve the problem.
-A loan of $\$ 14,000$ is made at $12 \%$ interest, compounded annually. After tyears, the amount due, $A$, is given by the function
$$\mathrm{A}(\mathrm{t})=14,000(1.12)^{\mathrm{t}}$$
Find the doubling time. Round your answer to the nearest tenth.
A) $6.1 \mathrm{yr}$
B) $12.2 \mathrm{yr}$
C) $17.6 \mathrm{yr}$
D) $9.7 \mathrm{yr}$

Question

Quizplus · Accepted Answer

To find the doubling time, set $A(t) = 2 \times 14,000$ and solve for $t$. Using the formula, $28,000 = 14,000(1.12)^t$, dividing both sides by 14,000 gives $2 = (1.12)^t$. Taking the logarithm of both sides and solving for $t$ yields approximately $6.1$ years.

Solve the Problem $14,000\$ 14,000$14,000 Is Made At 12%12 \%12% Interest, Compounded Annually

Solve the Problem $\$ 14,000$ Is Made At $12 \%$ Interest, Compounded Annually