Question 818445: Find how long it takes for $1500 to double if it is invested at 7% interest compounded monthly. Use the formula A=P(1+r/n)^nt Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Find how long it takes for $1500 to double if it is invested at 7% interest compounded monthly. Use the formula A=P(1+r/n)^nt
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3000 = 1500(1+(0.07/12))^(12*t)
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(1.0058)^12t = 2
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12t*log(1.0058) = log(2)
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12t = log(2)/log(1.0058)
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12t = 119.85
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time = 10 years when rounded up
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Cheers,
Stan H.
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