SOLUTION: How long will it take an investment of $1,000 to double if the investment earns interest at the rate of 9%/year compounded monthly?

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Question 521306: How long will it take an investment of $1,000 to double if the investment earns interest at the rate of 9%/year compounded monthly?
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!
Principal P = 1000
Amount= 2000
years=n
compounded (t) 12
Rate = 9 0.01
Amount = P*((n+r)/n)^n

2000 = 1000 *( 1 + 0.01 )^ n*t
2 = *( 1 + 0.01 )^ n* 12
ln 2 = 12 n *ln 1.01
0.69 = 12 0.01 *n
7.73 = n
m.ananth@hotmail.ca