SOLUTION: Find out how long it takes a $3000 investment to double if it is invested at 8% compounded semiannually. Round to the nearest tenth of a year. Use the formula A=P(1+r/n)^nt.

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Question 1061204: Find out how long it takes a $3000 investment to double if it is invested at 8% compounded semiannually. Round to the nearest tenth of a year. Use the formula A=P(1+r/n)^nt.
Found 2 solutions by jorel555, MathTherapy:
Answer by jorel555(1290)   (Show Source): You can put this solution on YOUR website!
If 3000 is our initial investment, then:
6000=3000(1+.08/2)^2t
(1+.04)^2t=2
t equals approximately 9, since it takes about 18 terms, or 9 years, for the money to double. ☺☺☺☺
Answer by MathTherapy(10552)   (Show Source): You can put this solution on YOUR website!

Find out how long it takes a $3000 investment to double if it is invested at 8% compounded semiannually. Round to the nearest tenth of a year. Use the formula A=P(1+r/n)^nt. 
 

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