Question: Recall that we derived the following formula: This formula told us how to obtain the maturity value on a simple discount loan if we are

Recall that we derived the following formula:

M= P 1-dRT

This formula told us how to obtain the maturity value on a simple discount loan if we are given proceeds, the discount rate, and the term. If a loan?s annual simple discount rate is 5.11% how many years would it take for the debt to double? (This is called the doubling time of a loan).

Round your answer to the nearest tenth of a year.

M= P 1-dRT

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