SOLUTION: At 8 percent compounded monthly, how long will it take $5,000 to double?

Question 460940: At 8 percent compounded monthly, how long will it take $5,000 to double?
Answer by JimboP1977(311) (Show Source): You can put this solution on YOUR website!
Assuming 8% is the annual interest rate.
t = number of months.
(0.08/12) * 100 = Monthly % rate.
5000 * (1+(1/150))^t = 10000
(1+(1/150))^t = 10000/5000
(1+(1/150))^t = 2
log (1+(1/150))^t = log 2
t * log 1+(1/150) = log 2
t = log 2/log 1+(1/150)
t = 104.3 (1 dp)
So it will take roughly 104 and 1/3 months to double or about 8.7 years.

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