SOLUTION: Ellen puts $6000 in an investment account. She earns 5.9% interest per year. After how many years will Ellen be closest to doubling her starting investment? Writw the equation.
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Question 1118039: Ellen puts $6000 in an investment account. She earns 5.9% interest per year. After how many years will Ellen be closest to doubling her starting investment? Writw the equation. Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Ellen puts $6000 in an investment account. She earns 5.9% interest per year. After how many years will Ellen be closest to doubling her starting investment? Writw the equation.
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Question:: simple interest or compound interest ??
If simple:: A(t) = P(1+rt)
2*6000 = 6000(1+0.059t)
1+0.059t = 2
0.059t = 1
time = 1/0.059 = 16.9 years
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If compound:: A(t) = P(1+(r/n))^(nt)
2*6000 = 6000(1+[0.059/1]^(1*t)
1.059^t = 2
t = log(2)/log(1.059)
time = 12.09 years
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Cheers,
Stan H.
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