SOLUTION: How long will it take $1100 to double if it is invested at 10% interest compounded semiannually? Round answer to nearest tenth.
Please help me solve.
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Question 1029078: How long will it take $1100 to double if it is invested at 10% interest compounded semiannually? Round answer to nearest tenth.
Please help me solve.
Answer by Cromlix(4381) (Show Source): You can put this solution on YOUR website!
Hi there,
100% + 10% = 110%
110% = 110/100 = 1.1
1100 x 1.1^x = 2200
1.1^x = 2200/1100
1.1^x = 2
x log(1.1) = log(2)
x = log(2)/log(1.1)
x = 7.23
Invested at 10% semiannually
it will take 3.62 years to double
Hope this helps :-)
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