SOLUTION: How long will it take $1100 to double itself if it is invested at 6% interest compounded semiannually? (Express the answer to the nearest tenth.) Please help me solve

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Question 1029116: How long will it take $1100 to double itself if it is invested at 6% interest compounded semiannually? (Express the answer to the nearest tenth.)
Please help me solve
Answer by robertb(5830) About Me  (Show Source):
You can put this solution on YOUR website!
Using the formula A+=+P%281%2Br%2Fn%29%5E%28nt%29 with A = 2P, r = 0.06, n = 2, we get
2+=+%281%2B0.06%2F2%29%5E%282t%29
<==> 2+=+1.03%5E%282t%29 ==> t+=+ln2%2F%282ln1.03%29
==> t = 11.7 years.