SOLUTION: How long would it take an investment to double under each of the following conditions?
(a) Interest is 4.4% compounded monthly. (Enter your answer as a whole number of years and m
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: How long would it take an investment to double under each of the following conditions?
(a) Interest is 4.4% compounded monthly. (Enter your answer as a whole number of years and m
Log On
Question 943187: How long would it take an investment to double under each of the following conditions?
(a) Interest is 4.4% compounded monthly. (Enter your answer as a whole number of years and months.) Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! How long would it take an investment to double under each of the following conditions?
(a) Interest is 4.4% compounded monthly. (Enter your answer as a whole number of years and months.)
-----
A(t) = P(1+(r/n))^(nt)
----
2P = P(1+(0.044/12))^(12*t)
----
1.00367^(12t) = 2
---
12t = log(2)/log(1.00367) = 189.21
t = 189.21/12 = 15.77 = 15 years 9 mths
--------------------
Cheers,
Stan H.
--------------
(