SOLUTION: How many years does it take for $500 to grow to $1000 in an account paying 12.6% compounded yearly? (Please round your answer to the nearest year.)

Question 451659: How many years does it take for $500 to grow to $1000 in an account paying 12.6% compounded yearly? (Please round your answer to the nearest year.)
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!

 

Hi

A= p(1+r/n) ^nt   n = 1 when compounded yearly, t the number of years

 1000 = 500(1.126)^t

   2 = 1.126^t

log2 = t*log1.126

log2/log1.126 = t

     5.84yr = t 

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