document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=638315>Question 638315</A>: <I><SPAN STYLE=\"word-break: break-all;\"> how long will it take a sum of money to double if interest is at 11% compounded semiannually? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #402119 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><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/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=402119\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> how long will it take a sum of money to double if interest is at 11% compounded semiannually?<BR>\n" );
document.write( "------<BR>\n" );
document.write( "A(t) = Ao(1+(r/n))^(nt)<BR>\n" );
document.write( "-----<BR>\n" );
document.write( "2Ao = Ao(1+(0.11/2))^(2t)<BR>\n" );
document.write( "----<BR>\n" );
document.write( "Solve:<BR>\n" );
document.write( "(1+0.055)^(2t) = 2<BR>\n" );
document.write( "----<BR>\n" );
document.write( "Take the log of both sides:<BR>\n" );
document.write( "(2t) = log(2)/log(1.055)<BR>\n" );
document.write( "---<BR>\n" );
document.write( "2t = 12.946<BR>\n" );
document.write( "----<BR>\n" );
document.write( "t = 6.473 years<BR>\n" );
document.write( "==================<BR>\n" );
document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
document.write( "================== </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );