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 ?

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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(308) About Me  (Show Source):
You can put this solution on YOUR website!
x = sum of money
t = number of months
interest rate = 0.07%2F12

2x+=+x%2A%281%2B%280.07%2F12%29%29%5Et Divide both sides by x to give
2+=+%281%2B%280.07%2F12%29%29%5Et take logs of both sides
log+2+=+t%2Alog+%281%2B%280.07%2F12%29%29
log+2%2F%28log%281%2B%280.07%2F12%29%29%29+=+t
t=119.17 so about 119 months which is nearly 10 years.