document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=961028>Question 961028</A>: <I><SPAN STYLE=\"word-break: break-all;\"> How long will it take 1000 dollars to double if it is invested at 6% interest compounded semi-annually? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #587353 by </B><A HREF=/tutors/aboutme.mpl?userid=lwsshak3><B>lwsshak3(11628)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=lwsshak3><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=587353\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> How long will it take 1000 dollars to double if it is invested at 6% interest compounded semi-annually?<BR>\n" );
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document.write( "Compound Interest Formula: A=P(1+r/n)^nt, P=initial investment, r=interest rate, n=number of compounding periods per year, A=amt after t-years.<BR>\n" );
document.write( "For given problem:<BR>\n" );
document.write( "P=1000<BR>\n" );
document.write( "r=.06<BR>\n" );
document.write( "n=2<BR>\n" );
document.write( "t=?<BR>\n" );
document.write( "..<BR>\n" );
document.write( "A/P=2=(1+r/2)^2t<BR>\n" );
document.write( "(1+r/2)^2t=2<BR>\n" );
document.write( "(1+.03)^2t=2<BR>\n" );
document.write( "1.03^2t=2<BR>\n" );
document.write( "take log of both sides<BR>\n" );
document.write( "2tlog(1.03)=log(2)<BR>\n" );
document.write( "t=log(2)/2log(1.03)&#8776;11.7<BR>\n" );
document.write( "How long will it take 1000 dollars to double? about 12 yrs </SPAN>\n" );
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