SOLUTION: How long will it take for an investment of $2000 to double to $4000 at an interest rate of 15.5% compounded annually? Thank you for your help.

SOLUTION: How long will it take for an investment of $2000 to double to $4000 at an interest rate of 15.5% compounded annually? Thank you for your help.

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Question 294066: How long will it take for an investment of $2000 to double to $4000 at an interest rate of 15.5% compounded annually?
Thank you for your help.
Answer by scott8148(6628) (Show Source): You can put this solution on YOUR website!
4000 = 2000 (1.155)^t

2 = (1.155)^t

log(2) = t [log(1.155)]

[log(2)] / [log(1.155)] = t
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