SOLUTION: If $1000 is invested at 4.5% compounded annually, how long will it take before the investment doubles?

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Question 524102: If $1000 is invested at 4.5% compounded annually, how long will it take before the investment doubles?
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) 1
Rate = 4.5 0.05
Amount = P*((n+r)/n)^n

2000 = 1000 *( 1 + 0.05 )^ n*t
2 = *( 1 + 0.05 )^ n* 1
ln 2 = 1 n *ln 1.05
0.69 = 1 0.04 *n
15.75 = n