SOLUTION: How long does it take $1700 to double if it is invested at 5% interest, compounded monthly?
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Question 513103: How long does it take $1700 to double if it is invested at 5% interest, compounded monthly?
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
The same amount of time it takes any amount of money to double at 5% compounded monthly.
^{mt})
Where 
represents the Future Value, 
represents the Present Value, 
is the annual interest rate expressed as a decimal, 
is the number of compounding periods in one year, and 
is the number of years.
You double your money when 
, hence you need to solve for where:
^{12t}\ =\ 2)
Do the arithmetic:
^{12t}\ =\ 2)
Take the log of both sides (any base, doesn't matter)
^{12t}\ =\ \ln(2))
\ =\ \ln(2))
}{12\,\cdot\,\ln\left(1.00417\right))
The rest is calculator work. Enjoy.
John
My calculator said it, I believe it, that settles it
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