SOLUTION: How long will it take to double an investment at 8% compounded monthly?
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Question 691326: How long will it take to double an investment at 8% compounded monthly?
Answer by nerdybill(7384) (Show Source): You can put this solution on YOUR website!
How long will it take to double an investment at 8% compounded monthly?
.
A = P(1+i/n)^(nt)
2 = (1+.08/12)^(12t)
2 = 1.0067^(12t)
log(1.0067,2) = 12t
log(2)/log(1.0067) = 12t
104.31827 = 12t
8.7 years = t
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