SOLUTION: how long will it take a sum of money to double if interest is at 11% compounded semiannually?

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Question 638315: how long will it take a sum of money to double if interest is at 11% compounded semiannually?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
how long will it take a sum of money to double if interest is at 11% compounded semiannually?
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A(t) = Ao(1+(r/n))^(nt)
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2Ao = Ao(1+(0.11/2))^(2t)
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Solve:
(1+0.055)^(2t) = 2
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Take the log of both sides:
(2t) = log(2)/log(1.055)
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2t = 12.946
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t = 6.473 years
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Cheers,
Stan H.
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