Question 202319: How long would it take a $3000 investment to double if it is invested at 7% compounded semiannually. Rounded to the nearest tenth of a year. Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! How long would it take a $3000 investment to double if it is invested at 7% compounded semiannually. Rounded to the nearest tenth of a year.
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A(t) = P(1+(r/n))^(nt)
6000 = 3000(1+(0.07/2))^(2t)
2 = (1.035)^2t
(2t)log(1.035) = log(2)
2t = 20.1488
t = 10.07 years
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Cheers,
Stan H.
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