document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1059989>Question 1059989</A>: <I><SPAN STYLE=\"word-break: break-all;\"> To double my money, if $600 is invested at 8% compounded monthly by choosing the appropriate formula and solving it for t? What is the formula? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #675035 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=675035\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> To double my money, if $600 is invested at 8% compounded monthly by choosing the appropriate formula and solving it for t? What is the formula?<BR>\n" );
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document.write( "Standard compounding formula:: A(t) = P(1+(r/n))^(n*t)<BR>\n" );
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document.write( "Doubling your investment gives:: 2*P = P(1+(r/n)^(n*t)<BR>\n" );
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document.write( "Your Problem::<BR>\n" );
document.write( "2*600 = 600(1+(0.08/12))^(12*t)<BR>\n" );
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document.write( "(1.0067)^(12t) = 2<BR>\n" );
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document.write( "12t*log(1.0067) = log(2)<BR>\n" );
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document.write( "12t = log(2)/log(1.0067) = 103.8<BR>\n" );
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document.write( "time = 103.8/12 = 8.65 years = 8yrs 8 months\r<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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