An amount of 10000kr is put into a bank account at an interest rate of 4.5% p.a?

Question

A) How much money will there be after 5 years?

B) How many years will it take to double the amount?

please show how you got your answers

Answer 1

A = 10,000(1+0.045)^5=12462 kr
B) A= 10,000
2A=10,000(1.045)^t so
2= 1.045 ^t and t = log2/log 1.045=15.75 years