SOLUTION: Shannon deposited $12000 at 6% compounded annually l. How long will it take Shannon to double her money?

Question 524707: Shannon deposited $12000 at 6% compounded annually l. How long will it take Shannon to double her money?
Answer by mananth(16949) (Show Source): You can put this solution on YOUR website!
Principal P = 12000
Amount= 24000
years=n
compounded (t) 1
Rate = 6 0.06
Amount = P*((n+r)/n)^n

24000 = 12000 *( 1 + 0.06 )^ n*t
2 = *( 1 + 0.06 )^ n* 1
ln 2 = 1 n *ln 1.06
0.69 = 1 0.06 *n
11.9 = n
11.9 years
m.ananth@hotmail.ca
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