SOLUTION: How long will it take to double your money if you invest it at a rate of 8% compounded annually? Thank you!!

Question 1077372: How long will it take to double your money if you invest it at a rate of 8% compounded annually?
Thank you!!
Answer by math_helper(2461) (Show Source): You can put this solution on YOUR website!

n = number of payments per year
r = interest rate per year, expressed as a decimal
P = present value
F = future value
t = time, in units of years
This problem has: t=unknown, F=2P, r=0.08, n=1

<� key step, take ln() of both sides,

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