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Please Help Me. Thanks!

  1. Sep 9, 2005 #1
    Like any loan, the government accrues interest that compounds over time on the amount it owes. If the annual interest rate is r, then the number of years it takes for the amount of money owed to increase by a factor of x is

    Y=1/r ln(x)

    where ln is the natural logarithm.

    The average interest rate on the U.S. national debt is about 5%. If the government neither borrows any more money, nor pays back any of the money it owes, how many years will it take for the total debt to double?

    Give your answer using the built-in function ln.
     
  2. jcsd
  3. Sep 10, 2005 #2

    lightgrav

    User Avatar
    Homework Helper

    The idea is that you show what you already know,
    or how you're thinking, so we know where you're stuck.
    Since you already have the formula AND a hint,
    maybe you don't know that "double" means "2".
     
  4. Sep 10, 2005 #3
    okay, look - it's as easy as filling in the variables with the data that's given.

    Y -- that's what your trying to find
    r -- that's the interest rate
    x -- that's the factor by which it will change

    so

    r -- what is the interest rate given?
    x -- what is the factor given?

    it's pretty straight forward
     
  5. Sep 13, 2005 #4
    Start amount X e or 2.71 yada yada to the exponent of rate X periods
     
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