SOLUTION:
How long​ (in years and​ months) will it take for an investment to double at
9
9​% compounded​ monthly?
Algebra.Com
Question 1103814:
How long (in years and months) will it take for an investment to double at
9
9% compounded monthly?
Answer by greenestamps(13200) (Show Source): You can put this solution on YOUR website!
The annual interest rate is 9%, or 0.09; the monthly interest rate is 0.09/12 = 0.0075. The monthly growth factor is then 1+.0075 = 1.0075.
We want to know how many months it takes for the overall growth factor to be 2, so that the original investment doubles.
It will take 93 months for the investment to double in value; or, in years and months, 7 years and 9 months.
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