SOLUTION: Find how long it takes for $900 to double if it is invested at 4% interest compounded monthly

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Question 1105208: Find how long it takes for $900 to double if it is invested at 4% interest compounded monthly
Answer by josgarithmetic(39617) About Me  (Show Source):
You can put this solution on YOUR website!
900%281%2B0.04%2F12%29%5Ex=1800, x is in months

%281%2B0.01%281%2F3%29%29%5Ex=2
%281.00333333%29%5Ex=2
x%2Alog%28%281.00333333%29%29=log%28%282%29%29

x=0.30103%2F0.0014452
x=208.4774, but this will need to be a full 209 months.
Compound is for each full month.
highlight%28x=209%29, MONTHS.

17 years and 5 months