SOLUTION: How long will it take $1500 to double it it was invested at 7% interest compounded semi annually? The answer is in years. Thank you in advance

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Question 868378: How long will it take $1500 to double it it was invested at 7% interest compounded semi annually? The answer is in years. Thank you in advance
Answer by Cromlix(4381) About Me  (Show Source):
You can put this solution on YOUR website!
100% + 7% = 107% = 1.07
$1500 * 1.07^x = $3000
1.07^x = $3000/$1500
1.07^x = 2
Take logs of both sides.
x log1.07 = log2
x = log2/log1.07
x = 10.24 years.
Hope this helps. :-)