SOLUTION: Omar invested $500 at a rate of 8% in early 2018. In what year will his money double?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Omar invested $500 at a rate of 8% in early 2018. In what year will his money double?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 1114371: Omar invested $500 at a rate of 8% in early 2018. In what year will his money double?
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
F=P%281%2Bi%29%5En
1000=500%281%2B0.08%29%5En
1.08%5En=2
n=log%281.08%2C%282%29%29
highlight%28n=log%28%282%29%29%2Flog%28%281.08%29%29%29
Find n then add it to 2018 to find the year.