SOLUTION: How long does it take for $1000 to double if it is invested at 3% interest compounded monthly?

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Question 630639: How long does it take for $1000 to double if it is invested at 3% interest compounded monthly?
Answer by nerdybill(7384) About Me  (Show Source):
You can put this solution on YOUR website!
How long does it take for $1000 to double if it is invested at 3% interest compounded monthly?
A+=+P%281+%2B+i%2Fn%29%5E%28nt%29
2000+=+1000%281+%2B+.03%2F12%29%5E%2812t%29
2+=+%281+%2B+.03%2F12%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%2F%2812%2Alog%281.0025%29%29+=+12t
23.1+=+t
.
That's ~23 years