SOLUTION: How long will it take money to double if it is invested at 11\% compounded weekly? 4.3\% ? Round your answers to two decimal places.
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Question 728065: How long will it take money to double if it is invested at 11\% compounded weekly? 4.3\% ? Round your answers to two decimal places.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
How long will it take money to double if it is invested at 11\% compounded weekly? 4.3\% ? Round your answers to two decimal places.
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A(t) = P(1+(r/n))^(nt)
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2P = P(1+(0.11/52)^(52t)
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(1+(0.11/52))^(52t) = 2
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52t*log(1.002) = log(2)
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52t = log(2)/log(1.002)
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52t = 328.016
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t = 6.308 years
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Cheers,
Stan H.
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