SOLUTION: How long does it take for an amount of money P to double itself if it's invested at 9% interest compounded 3 times a year? Round your answer to 2 decimal places.

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Question 1153879: How long does it take for an amount of money P to double itself if it's invested at 9% interest compounded 3 times a year? Round your answer to 2 decimal places.
Answer by greenestamps(13200) About Me  (Show Source):
You can put this solution on YOUR website!


If t is the number of years, then

A%281%2B.09%2F3%29%5E%283t%29+=+2A

%281%2B.03%29%5E%283t%29+=+2

3t%2Alog%28%281.03%29%29+=+log%28%282%29%29
t+=+log%28%282%29%29%2F%283%2Alog%28%281.03%29%29%29

Use a calculator....