SOLUTION: How long will it take for $500 to double if it is invested at 6% annual interest compounded 12 times a year?
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Question 731579: How long will it take for $500 to double if it is invested at 6% annual interest compounded 12 times a year?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
How long will it take for $500 to double if it is invested at 6% annual interest compounded 12 times a year?
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A(t) = P(1+(r/n))^(nt)
2P = P(1+0.06/12)^(12t)
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2 = (1.005)^(12t)
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12t*log(1.005) = log(2)
12t = log(2)/log(1.005)
12t = 138.98
t = 11.58 years
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Cheers,
Stan H.
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