document.write( "Question 1130471: Find the numbers of years, to the nearest hundredth, it will take for money deposited in an account paying 6% compounded monthly to double. \n" ); document.write( "

Algebra.Com's Answer #747140 by ikleyn(52915) $\"\"$ $\"About$

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document.write( "FV = ,\r\n" );
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document.write( "where FV is the future value;  P is the principal deposit;  n is the number of years.\r\n" );
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document.write( "In out case  FV = 2P,   so\r\n" );
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document.write( "2 =  = \r\n" );
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document.write( "log(2) = 12n*log(1.005)\r\n" );
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document.write( "n =  = 11.58 years.\r\n" );
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document.write( "Answer.  Approximately 11 years and 7 months.  12 years is totally enough.\r\n" );
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