SOLUTION: How long will it take for an investment to double in value if it is invested at 5.75% interest compounded monthly? do i use the formula A=p(1+r/m)^mt?

Question 701775: How long will it take for an investment to double in value if it is invested at 5.75% interest compounded monthly? do i use the formula A=p(1+r/m)^mt?
Answer by nerdybill(7384) (Show Source): You can put this solution on YOUR website!

do i use the formula A=p(1+r/m)^mt?
yes
.
Money_Word_Problems/701775 (2013-01-13 23:03:55): How long will it take for an investment to double in value if it is invested at 5.75% interest compounded monthly?
A is 2p (double initial value)
p is initial value
r is .0575
m is 12
t is what we're looking for
.
A=p(1+r/m)^(mt)
2p=p(1+.0575/12)^(12t)
2=(1+.0575/12)^(12t)
2=(1.0.0047917)^(12t)
taking log base 1.0.0047917 of both sides of the equation:
log(2)/log(1.0.0047917) = 12t
log(2)/log(1.0.0047917) = 12t
145.0031 = 12 t
12.1 years = t

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