SOLUTION: 1. How long will it take for an investment of $25,000 to double at an interest rate of 4% compounded semi-annually? Give your answer in years and months, rounded to the nearest mon

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: 1. How long will it take for an investment of $25,000 to double at an interest rate of 4% compounded semi-annually? Give your answer in years and months, rounded to the nearest mon      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 889046: 1. How long will it take for an investment of $25,000 to double at an interest rate of 4% compounded semi-annually? Give your answer in years and months, rounded to the nearest month.
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
50000=25000%281%2B0.04%2F2%29%5En
1.02%5En=2
n=log%281.02%2C%282%29%29
n=log%28%282%29%29%2Flog%28%281.02%29%29
n=35.00
35 periods, 17 years 6 months.