SOLUTION: If $1000 is invested and is compounded monthly, what rate must be charged for the amount to double in 4 years?

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Question 327911: If $1000 is invested and is compounded monthly, what rate must be charged for the amount to double in 4 years?
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
F=P%281%2Bi%29%5Et
2000=1000%281%2Bi%29%5E48
1%2Bi=2%5E%281%2F48%29
i=2%5E%281%2F48%29-1
i=1.014545-1
i=0.0145
.
.
.
1.45% monthly rate.