SOLUTION: if john deposit a sum of money in a bank at 7.5% interest rate per year compound monthly then how long will it take to double?

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Question 1117943: if john deposit a sum of money in a bank at 7.5% interest rate per year compound monthly then how long will it take to double?
Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!




Since we want the future value to be twice the present value:



Plugging in your numbers:



Just solve for

Hint: Start by taking the logarithm of both sides.

John

My calculator said it, I believe it, that settles it