SOLUTION: Find how long it takes for $1400 to double if it is invested at 3% interest compounded monthly. using formula: A=P(1 + r/n) *nt

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Question 616091: Find how long it takes for $1400 to double if it is invested at 3% interest compounded monthly.
using formula: A=P(1 + r/n) *nt
Answer by nerdybill(7384) About Me  (Show Source):
You can put this solution on YOUR website!
Find how long it takes for $1400 to double if it is invested at 3% interest compounded monthly.
using formula: A=P(1 + r/n)^(nt)
.
P is 1400
A is 2800 (double P)
r is .03
n is 12 (times compounded per year)
t is what we're looking for
.
plug it all in and solve for t:
A=P%281+%2B+r%2Fn%29%5E%28nt%29
.
2800+=+1400%281+%2B+.03%2F12%29%5E%2812t%29
.
2800+=+1400%281+%2B+0.0025%29%5E%2812t%29
.
2800+=+1400%281.0025%29%5E%2812t%29
.
2+=+%281.0025%29%5E%2812t%29
.
log%281.0025%2C2%29+=+12t
.
log%282%29%2Flog%281.0025%29+=+12t
.
log%282%29%2F12log%281.0025%29+=+t
.
23.13+=+t (years)