SOLUTION: To double my money, if $600 is invested at 8% compounded monthly by choosing the appropriate formula and solving it for t? What is the formula?
Thank You!
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Question 1059646: To double my money, if $600 is invested at 8% compounded monthly by choosing the appropriate formula and solving it for t? What is the formula?
Thank You! Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! I lifted this from another site:
A = P (1 + r/n) (nt)
Where:
A = the future value of the investment/loan, including interest
P = the principal investment amount (the initial deposit or loan amount)
r = the annual interest rate (decimal)
n = the number of times that interest is compounded per year
t = the number of years the money is invested or borrowed for
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For your problem:
Solve for
