SOLUTION: Find out how long it takes a $3300 investment to double if it is invested at 7% compounded semiannually (n = 2). Round to the nearest tenth of a year. Use the compound interest for
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Question 1156939: Find out how long it takes a $3300 investment to double if it is invested at 7% compounded semiannually (n = 2). Round to the nearest tenth of a year. Use the compound interest formula. Answer by Alan3354(69443) (Show Source):
You can put this solution on YOUR website! Find out how long it takes a $3300 investment to double if it is invested at 7% compounded semiannually (n = 2). Round to the nearest tenth of a year.
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Use the compound interest formula. --- Really? I can't use a Ouija board?
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Int = 3.5% per period
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FV = PV*(1 + 0.035)^t = 2*PV
Solve for t (t = # of periods)
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Notice that the PV (Present Value) is not relevant.
