document.write( "Question 1155375: How long does it take for an investment to double in value if it is invested at 10% compounded monthly \n" ); document.write( "
Algebra.Com's Answer #777983 by ikleyn(52777)![]() ![]() You can put this solution on YOUR website! .\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "In this problem, as in ANY OTHER discretely compounding problem, the answer can be\r \n" ); document.write( "\n" ); document.write( "ONLY integer number of compounding periods.\r \n" ); document.write( " \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "In this case, the answer is 7 years, which is 84 months (84 compounding periods).\r \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "And it is THE EXACT answer to this problem - not an estimate or rounding.\r \n" ); document.write( " \n" ); document.write( " \n" ); document.write( "\n" ); document.write( "Again : the EXACT and uniquely correct answer is 84 months = 7 years.\r \n" ); document.write( " \n" ); document.write( " \n" ); document.write( "\n" ); document.write( " \n" ); document.write( " |