Answer:
Number of period(n) =277.65
Explanation:
Given:
Amount invested(p) = $1,000
Amount at the end of period(A) = 2 × Amount invested = 2 × $1,000 = $2,000
Rate of interest(r) = 0.25% = 0.0025
Find:
Number of period(n) = ?
Computation:
[tex]A=p(1+r)^n\\\\2,000 = 1,000 (1+0.0025)^n\\\\2=(1.0025)^n\\\\n = 277.65[/tex]
Number of period(n) =277.65
