SOLUTION: how long will it take a sum of money to double if interest is at 11% compounded semiannually?
Algebra.Com
Question 638315: how long will it take a sum of money to double if interest is at 11% compounded semiannually?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
how long will it take a sum of money to double if interest is at 11% compounded semiannually?
------
A(t) = Ao(1+(r/n))^(nt)
-----
2Ao = Ao(1+(0.11/2))^(2t)
----
Solve:
(1+0.055)^(2t) = 2
----
Take the log of both sides:
(2t) = log(2)/log(1.055)
---
2t = 12.946
----
t = 6.473 years
==================
Cheers,
Stan H.
==================
RELATED QUESTIONS
How long will it take money to double if it is invested at an interest rate of 6.5%... (answered by solver91311)
How long does it take $775 to double if it invested at 5% interest compounded... (answered by josmiceli)
Urgent help please! How long will it take $900 to double itself if it is invested at 10% (answered by jim_thompson5910)
How long will it take $1100 to double if it is invested at 10% interest compounded... (answered by Cromlix)
Use the compound interest formula to determine how long it will take for a sum of money... (answered by solver91311)
How long will it take for (s) sum of money to double if it is invested at a rate of 6%... (answered by Fombitz)
How long will it take a sum of money to treble if it is invested at 15% interest... (answered by Fombitz)
How long would it take a $3000 investment to double if it is invested at 7% compounded... (answered by stanbon)
How long will it take for a sum of money to double itself at 10% simple... (answered by addingup,math_tutor2020,greenestamps)