Question 1130471: Find the numbers of years, to the nearest hundredth, it will take for money deposited in an account paying 6% compounded monthly to double. Answer by ikleyn(52914) (Show Source):
FV = ,
where FV is the future value; P is the principal deposit; n is the number of years.
In out case FV = 2P, so
2 = =
log(2) = 12n*log(1.005)
n = = 11.58 years.
Answer. Approximately 11 years and 7 months. 12 years is totally enough.
