SOLUTION: please help me slove this problem Slove the problem. Find out how long it takes a $3000 investment to double if it is invested at 8% compounded semiannually. Round to the neare

Question 122036: please help me slove this problem
Slove the problem. 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
possible anwsers
1.) 8.8 years
2.) 9.2 years
3.) 9 years
4.) 8.6 years
thank you for your help
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!

( is the number of times per year interest is compounded)
( is the amount after years. The problem
wants to know what is when )

divide both sides by

Take the log to base 10 of both sides

years
That's approximately (1) 8.8
This is years + months
And this is years, months day
The answer is years months day
Unless I made a mistake, that is.
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