document.write( "Question 701775: How long will it take for an investment to double in value if it is invested at 5.75% interest compounded monthly? do i use the formula A=p(1+r/m)^mt? \n" ); document.write( "
Algebra.Com's Answer #432596 by nerdybill(7384)\"\" \"About 
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\n" ); document.write( "do i use the formula A=p(1+r/m)^mt?
\n" ); document.write( "yes
\n" ); document.write( ".
\n" ); document.write( " Money_Word_Problems/701775 (2013-01-13 23:03:55): How long will it take for an investment to double in value if it is invested at 5.75% interest compounded monthly?
\n" ); document.write( "A is 2p (double initial value)
\n" ); document.write( "p is initial value
\n" ); document.write( "r is .0575
\n" ); document.write( "m is 12
\n" ); document.write( "t is what we're looking for
\n" ); document.write( ".
\n" ); document.write( "A=p(1+r/m)^(mt)
\n" ); document.write( "2p=p(1+.0575/12)^(12t)
\n" ); document.write( "2=(1+.0575/12)^(12t)
\n" ); document.write( "2=(1.0.0047917)^(12t)
\n" ); document.write( "taking log base 1.0.0047917 of both sides of the equation:
\n" ); document.write( "log(2)/log(1.0.0047917) = 12t
\n" ); document.write( "log(2)/log(1.0.0047917) = 12t
\n" ); document.write( "145.0031 = 12 t
\n" ); document.write( "12.1 years = t\r
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