SOLUTION: how long it will take to double my money if i put it in a bank giving interest rate 7% per annum compounding monthly ?

SOLUTION: how long it will take to double my money if i put it in a bank giving interest rate 7% per annum compounding monthly ?

Algebra.Com

Question 462224: how long it will take to double my money if i put it in a bank giving interest rate 7% per annum compounding monthly ?
Answer by JimboP1977(311) (Show Source): You can put this solution on YOUR website!
x = sum of money
t = number of months
interest rate =

Divide both sides by x to give
take logs of both sides

so about 119 months which is nearly 10 years.

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