At a growth (interest) rate of 8 percent annually, how long will it take for a sum to double? To triple? Use Appendix A for an approximate answer, but calculate your final answer using the formula and financial calculator methods.

n =   ㏒ P ÷ ㏒ (1.08)

Explanation:

Compound interest rate

A = P ×

where

P = principal amount (the initial amount you borrow or deposit)

r  = annual rate of interest (as a decimal)

A = amount of money accumulated after n years, including interest.

n  =  number of years

Since we want the principle amount to double i.e., A = 2P

put this in above equation

2P = P ×

divide both sides by P, we get

P =

put r = 0.08

P =

P =

Taking log on both sides

㏒ P =㏒

㏒ P = n ㏒ (1.08)

n =   ㏒ P ÷ ㏒ (1.08)

the interest will be $59.71

hope this

lbc corporation makes and sells a product called product wz. each unit of product wz requires 4.1 hours of direct labor at the rate of $20.00 per direct labor-hour. management would like you to prepare a direct labor budget for june. the company plans to sell 28,000 units of product wz in june. the finished goods inventories o