SOLUTION: How long does it take for your investment to double in value if it is invested at 4% interest compounded monthly? Compounded continuously?

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Question 862745: How long does it take for your investment to double in value if it is invested at 4% interest compounded monthly? Compounded continuously?
Answer by josgarithmetic(39616) About Me  (Show Source):
You can put this solution on YOUR website!
If the investment quantity begins with I, then these happen:

Compounding monthly, A=I%281%2B0.04%2F12%29%5E%2812%2Ay%29, using y as the number of years. The value 0.04/12 is the decimalized MONTHLY interest rate. A is the amount of money in the account at time y.

Compounding continuously, A=Ie%5E%280.04y%29.

Both kinds of compounding about doubling of I will use I=1 and A=1/2, and you would solve for y for both kinds of compoundings.