SOLUTION: how long, to the nearest year, will an investor have to invest R 20 000 to grow to R24 000, if the interest rate is 6% per year and the interest is compounded every 6 months??

Question 986186: how long, to the nearest year, will an investor have to invest R 20 000 to grow to R24 000, if the interest rate is 6% per year and the interest is compounded every 6 months??
Answer by josgarithmetic(39616) (Show Source): You can put this solution on YOUR website!
Using time increments of every six months is the easiest way to do.

x is the number of compounding periods and you are given than x=1 means .

x=3.128968 compounding periods, but we cannot really use that much accuracy. Try knocking down to the nearest month or nearest week.

or
18.77 months
or
18 months 23 days

If you just want YEARS, then .
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