SOLUTION: How long will it take for a principal to double if money worth 12%compounded monthly?

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Question 1018198: How long will it take for a principal to double if money worth 12%compounded monthly?
Answer by FrankM(1040) About Me  (Show Source):
You can put this solution on YOUR website!
I believe you are asking if we have an annual rate of 12%, compounded monthly, how long to double?
1.01^X=2
X log(1.01) = log(2)
X = log(2)/log(1.01)
X = 69.66 or at 70 months.