SOLUTION: How long does it take $1500 to double if its invested at 4% interest, compound monthly?

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Question 538738: How long does it take $1500 to double if its invested at 4% interest, compound monthly?
Answer by ankor@dixie-net.com(22740) About Me  (Show Source):
You can put this solution on YOUR website!
How long does it take $1500 to double if its invested at 4% interest, compound monthly?
:
Let t = time in years for this to happen
Use the compound interest formula
:
1500(1+.04%2F12)^(12t) = 3000
:
(1.00333)^(12t) = 3000%2F1500
:
(1.00333)^(12t) = 2
Use logs here
12t = log%282%29%2Flog%281.00333%29
:
12t = 208.3
t = 208.3%2F12
t = 17.36 years to double at 4%