SOLUTION: How long does it take $1500 to double if its invested at 4% interest, compound monthly?
Algebra.Com
Question 538738: How long does it take $1500 to double if its invested at 4% interest, compound monthly?
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
How long does it take $1500 to double if its invested at 4% interest, compound monthly?
:
Let t = time in years for this to happen
Use the compound interest formula
:
1500(1+)^(12t) = 3000
:
(1.00333)^(12t) =
:
(1.00333)^(12t) = 2
Use logs here
12t =
:
12t = 208.3
t =
t = 17.36 years to double at 4%
RELATED QUESTIONS
how long does it take $925 to double if it is invested at 5% interest compounded... (answered by ewatrrr)
How long does it take $1700 to double if it is invested at 5% interest, compounded... (answered by solver91311)
How long does it take for $1000 to double if it is invested at 3% interest compounded... (answered by nerdybill)
1. how long does it take 1700 to double if it invested at 5% interest , compound monthly?
(answered by lwsshak3)
How long does it take for your investment to double in value if it is invested at 4%... (answered by josgarithmetic)
How long does it take $875 to double if it is invested at 8% compounded... (answered by mananth)
How long does it take $775 to double if it invested at 5% interest compounded... (answered by josmiceli)
how long does it take for $900 to double if it is invested at 7% compound... (answered by lwsshak3)
How long does it take $1,150 to double if it is invested at 9% interest compounded... (answered by nerdybill)