SOLUTION: What is the equation and solution to find how long it takes for an investment to double in value if it is invested at 8% compounded monthly?

Question 4876: What is the equation and solution to find how long it takes for an investment to double in value if it is invested at 8% compounded monthly?
Answer by ichudov(507) (Show Source): You can put this solution on YOUR website!
If you invested X dollars, after a year you would get X*1.08. After two years, you would have . Generally, after Y years, you would have $.
So, the equation for doubling is answering the question, what is the time y that is needed for an investment of $1 to grow to $2?
Writing it in algebrese,

The solution is to tale a log with base of 1.08 of both sides:

since , we have

that's your solution. Double check it, as always. Also please post your question in more appropriate category.
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