SOLUTION: How long will it take $1100 to double itself if it is invested at 6% interest compounded semiannually? (Express the answer to the nearest tenth.)
Please help me solve
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Question 1029116: How long will it take $1100 to double itself if it is invested at 6% interest compounded semiannually? (Express the answer to the nearest tenth.)
Please help me solve
Answer by robertb(5830) (Show Source): You can put this solution on YOUR website!
Using the formula with A = 2P, r = 0.06, n = 2, we get
<==> ==>
==> t = 11.7 years.
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