SOLUTION: How long would it take a $3000 investment to double if it is invested at 7% compounded semiannually. Rounded to the nearest tenth of a year.

Question 202319: How long would it take a $3000 investment to double if it is invested at 7% compounded semiannually. Rounded to the nearest tenth of a year.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
How long would it take a $3000 investment to double if it is invested at 7% compounded semiannually. Rounded to the nearest tenth of a year.
---------------------------
A(t) = P(1+(r/n))^(nt)
6000 = 3000(1+(0.07/2))^(2t)
2 = (1.035)^2t
(2t)log(1.035) = log(2)
2t = 20.1488
t = 10.07 years
======================
Cheers,
Stan H.
RELATED QUESTIONS
Find out how long it takes a $3000 investment to double if it is invested at 8%... (answered by jorel555,MathTherapy)

Find out how long it takes a $2500 investment to double if it is invested at 9%... (answered by mananth)

How long does it take $775 to double if it invested at 5% interest compounded... (answered by josmiceli)

how long would it take a money to double if it is invested at 7 % compounded daily? 8.3 % (answered by nerdybill)

Find out how long it takes a $3300 investment to double if it is invested at 7%... (answered by Alan3354)

Urgent help please! How long will it take $900 to double itself if it is invested at 10% (answered by jim_thompson5910)

please help me slove this problem Slove the problem. Find out how long it takes a... (answered by josmiceli)

How long does it take an investment of R10 000 to double if it is invested at 8%,... (answered by jorel1380)

How long does it take for an investment to double in value if it is invested at 10%... (answered by Boreal,ikleyn)