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%
