Answer:
11 years
Step-by-step explanation:
Double of the amount deposited = $350 × 2 = $700
First, convert R as a percent to r as a decimal
r = R/100
R = 6.3%
Hence,
r = 6.3/100
r = 0.063 per year,
Then, solve the equation for t = time, the formula is given as:
t = ln(A/P) / r
A = Doubled amount = $700
P = Principal = Initial amount = $350
t = ln(700.00/350.00) / 0.063
t = 11.002 years
Approximately , t = 11 years
Therefore, it will take 11 years for your money to double.
