SOLUTION: Find out how long it takes a $3500 investment to double of it is invested at 8% compunded semiannuakky. Round to the nearest ten of a year.

SOLUTION: Find out how long it takes a $3500 investment to double of it is invested at 8% compunded semiannuakky. Round to the nearest ten of a year.

Algebra.Com

Question 1081518: Find out how long it takes a $3500 investment to double of it is invested at 8% compunded semiannuakky. Round to the nearest ten of a year.

Answer by jorel1380(3719) (Show Source): You can put this solution on YOUR website!
If the money is invested at 8%,compounded semiannually, then the formula for its value after n years is:
fv=3500(1+.08/2)^2n
So:
7000=3500(1.04)^2n
2=1.04^2n
ln 2=ln 1.04^2n
ln 2=2n ln 1.04
ln 2/2 ln 1.04=n
n=8.83 years. ☺☺☺☺
RELATED QUESTIONS
Find out how long it takes a $3500 investment to earn $300 interest if it is invested at... (answered by solver91311)

Find out how long it takes a $2500 investment to double if it is invested at 9%... (answered by mananth)

Find out how long it takes for an investment of $2500 to double if it is invested at 8%... (answered by stanbon)

Find out how long it takes a $3000 investment to double if it is invested at 8%... (answered by jorel555,MathTherapy)

Find out how long it takes a $3300 investment to double if it is invested at 7%... (answered by Alan3354)

FIND A, if $7000 is invested at 8% compounded continously for 2 years. if $400... (answered by alex224)

Find how long it takes a $2800 investment to double if it is invested at 9% compounded... (answered by ikleyn)

please help me slove this problem Slove the problem. Find out how long it takes a... (answered by josmiceli)

Find out how long it takes a $2900 investment to earn $500 interest if it... (answered by Theo)