SOLUTION: Find how long it takes for $900 to double if it is invested at 4% interest compounded monthly
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Question 1105209: Find how long it takes for $900 to double if it is invested at 4% interest compounded monthly
Found 2 solutions by jorel1380, Boreal:
Answer by jorel1380(3719) (Show Source): You can put this solution on YOUR website!
1800=900^m where m is months
2=(1.00333333333)^m
ln 2=ln (1.0033333333)^m=m ln 1.00333333333
m=208.29 months
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Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
Rule of 72 would say 18 years
1800=900(1+(.04/12))^12t, t is number of years
2=(1.00333)^12t
ln2=12t(ln(1.0003333), without rounding, divide ln 2 by 12 ln (1.0033333)
17.36 years ANSWER
(1.(04/12))^208, the 208 being approximately 17.36 years is 1.998.
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