document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=460940>Question 460940</A>: <I><SPAN STYLE=\"word-break: break-all;\"> At 8 percent compounded monthly, how long will it take $5,000 to double? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #316160 by </B><A HREF=/tutors/aboutme.mpl?userid=JimboP1977><B>JimboP1977(311)</B></A><img src=\"/images/stars/stars-10.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=JimboP1977><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=JimboP1977><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=316160\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Assuming 8% is the annual interest rate.\r<BR>\n" );
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document.write( "t = number of months.\r<BR>\n" );
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document.write( "(0.08/12) * 100 = Monthly % rate.\r<BR>\n" );
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document.write( "5000 * (1+(1/150))^t = 10000\r<BR>\n" );
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document.write( "(1+(1/150))^t = 10000/5000\r<BR>\n" );
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document.write( "(1+(1/150))^t = 2\r<BR>\n" );
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document.write( "log (1+(1/150))^t = log 2\r<BR>\n" );
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document.write( "t * log 1+(1/150) = log 2<BR>\n" );
document.write( "t = log 2/log 1+(1/150)\r<BR>\n" );
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document.write( "t = 104.3 (1 dp)\r<BR>\n" );
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document.write( "So it will take roughly 104 and 1/3 months to double or about 8.7 years.<BR>\n" );
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