document.write( "Question 998345: An investment of $10,000 with Barnes Bank earns a 2.42% APR compounded monthly.
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\n" ); document.write( "Pleas help, thank you! \n" ); document.write( "

Algebra.Com's Answer #616249 by MathTherapy(10552) $\"\"$ $\"About$

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An investment of $10,000 with Barnes Bank earns a 2.42% APR compounded monthly.
\n" ); document.write( "Determine how long it will take the investment to double
\n" ); document.write( "Pleas help, thank you!
\n" ); document.write( "

Future value formula: , with:
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document.write( "P = Principal invested
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document.write( "A = Future value, or in this case, 2P (Original principal amount will double)
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document.write( "i = interest rate (2.42%, or .0242, in this case)
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document.write( "m = compounding periods, per year (12 in this case)
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document.write( "t = time, in years (Unknown)\r
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document.write( " ------- Changing to LOGARITHMIC form
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document.write( " -------- Applying change of base
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document.write( ", or  years
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document.write( "***Note that original AMOUNT invested DOES NOT MATTER. At an interest rate of (2.42%), and monthly compounding periods, any amount will double in 28.67, or a little over  years. \n" );
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