SOLUTION: An investment of $10,000 with Barnes Bank earns a 2.42% APR compounded monthly. Determine how long it will take the investment to double Pleas help, thank you!

Question 998345: An investment of $10,000 with Barnes Bank earns a 2.42% APR compounded monthly.
Determine how long it will take the investment to double
Pleas help, thank you!
Found 2 solutions by tifftiff133, MathTherapy:
Answer by tifftiff133(4) (Show Source): You can put this solution on YOUR website!
When solving I did the cross multiply divide system to figure out what they would make per month, which I came up with 242, from that perspective then you just have to figure out how many times you need to add that on. I got around 41 to 42 months. Though you should probably double check my work to make sure that I didn't miss anything. Good Luck on your math work!
Answer by MathTherapy(10552) (Show Source): You can put this solution on YOUR website!
An investment of $10,000 with Barnes Bank earns a 2.42% APR compounded monthly.
Determine how long it will take the investment to double
Pleas help, thank you!

Future value formula: , with:
P = Principal invested
A = Future value, or in this case, 2P (Original principal amount will double)
i = interest rate (2.42%, or .0242, in this case)
m = compounding periods, per year (12 in this case)
t = time, in years (Unknown)

------- Changing to LOGARITHMIC form
-------- Applying change of base
, or years
***Note that original AMOUNT invested DOES NOT MATTER. At an interest rate of (2.42%), and monthly compounding periods, any amount will double in 28.67, or a little over years.
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