SOLUTION: How long will it take for an investment of $750 to double at 7% compounded annually?
How do you set this problem up and do it?
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Question 79409: How long will it take for an investment of $750 to double at 7% compounded annually?
How do you set this problem up and do it?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
How long will it take for an investment of $750 to double at 7% compounded annually?
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1500=750(1+0.07)^t
2=1.07^t
Take the log of both sides to get:
t=log2/log1.07
t=10.24 years
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Cheers,
Stan H.
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