SOLUTION: if john deposit a sum of money in a bank at 7.5% interest rate per year compound monthly then how long will it take to double?
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Question 1117943: if john deposit a sum of money in a bank at 7.5% interest rate per year compound monthly then how long will it take to double?
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
^{nt})
Since we want the future value to be twice the present value:
^{nt}\ =\ 2)
Plugging in your numbers:
^{12t}\ =\ 2)
Just solve for 
Hint: Start by taking the logarithm of both sides.
John
My calculator said it, I believe it, that settles it
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