SOLUTION: I need some help for a question I've recived and I'm not sure of how to answer it. How long would it take to double $1500 at 5.5% p.a. with monthly rests? I aso need the availble

Question 867604: I need some help for a question I've recived and I'm not sure of how to answer it.
How long would it take to double $1500 at 5.5% p.a. with monthly rests? I aso need the availble working out for this and if possible a double check with a TVM by graphics calculator. Ive tried this several times and I always get different answers. I need help. Thank you.
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Principal P = 1500
Amount= 3000
years=n
compounded 12
Rate= 5.5=0.055 .(0.055/12)= 0.005
Amount = P*((n+r)/n)^n

log 2 = 12 n log 1.00458
0.3 = n 0.024
12.63 = n

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