Question 301425: How long does it take $1,150 to double if it is invested at 9% interest compounded monthly? Round your answer to the nearest tenth. Answer by nerdybill(7384) (Show Source):
You can put this solution on YOUR website! How long does it take $1,150 to double if it is invested at 9% interest compounded monthly? Round your answer to the nearest tenth.
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Compound interest formula:
Regular Compound Interest Formula
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P = principal amount (the initial amount you borrow or deposit)
r = annual rate of interest (as a decimal)
t = number of years the amount is deposited or borrowed for.
A = amount of money accumulated after n years, including interest.
n = number of times the interest is compounded per year
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7.7 years = t
