SOLUTION: how long does it take $925 to double if it is invested at 5% interest compounded monthly?

Question 441951: how long does it take $925 to double if it is invested at 5% interest compounded monthly?
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!

 

Hi

 A= p(1+r/n) ^nt 

 2 = (1 + .05/12)^12t

log2/log(1.0042) = 12t

      165.3813 12t

        13.78yr = t







ewatrrr@aol.com

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