Answer:
11.58 years
Step-by-step explanation:
Given:
Interest rate = 6% compounded daily
daily interest = [tex]\frac{\textup{6}}{\textup{365}}[/tex] = 0.0164%
Let the capital amount be 'x'
hence, we have
2x = x (1 + r )ⁿ
here,
r is the rate of interest
n is the number of years
thus,
2 = ( 1 + 0.000164 )ⁿ
taking log both sides we get
㏒ 2 = n × ㏒ ( 1.000164 )
or
0.30103 = n × 7.1218 × 10⁻⁵
or
n = 4226.85 days
or
n = [tex]\frac{\textup{4226.85}}{\textup{365}}[/tex]
or
n = 11.58 years
