SOLUTION: How long will it take to double an investment at 5.4% compounded monthly? Round your answer to the nearest tenth of a year.
_____years
Algebra.Com
Question 1166445: How long will it take to double an investment at 5.4% compounded monthly? Round your answer to the nearest tenth of a year.
_____years
Found 2 solutions by josgarithmetic, ikleyn:
Answer by josgarithmetic(39617) (Show Source): You can put this solution on YOUR website!
in which m is in MONTHS.
Solve this for m and then compute for how many years.
Answer by ikleyn(52781) (Show Source): You can put this solution on YOUR website!
.
In this problem, you have NO right to round the answer to "nearest tenth of a year" - it contradicts to the problem's meaning.
The answer is an integer number of months, since the month is a quantum of time, when the account is compounded monthly.
AGAIN : the instruction CONTRADICTS to the meaning of the problem.
RELATED QUESTIONS
How long will it take $15,000 to grow to $17,000 if the investment earns interest at the... (answered by solver91311,lovingmath00)
How long does it take $1,150 to double if it is invested at 9% interest compounded... (answered by nerdybill)
you want to invest 10,000 dollars. how long will it take to double your investment at an (answered by jim_thompson5910)
Consider a $100 investment earning 12% compounded quarterly. How long will it take to... (answered by DrBeeee,lovingmath00)
Suppose $7,100 is invested in an account at an annual interest rate of 3.4% compounded... (answered by Aldorozos)
How long will it take an investment of $2000 to double if the investment earns interest... (answered by mananth)
Suppose $1,500 is invested in an account at an annual interest rate of 8.5% compounded... (answered by nerdybill)
How long will it take to double an investment at 8% compounded... (answered by nerdybill)
you want to invest $5,000 dollars. How long will it take to triple your original... (answered by josgarithmetic)