Question 960770
{{{ 2*6000 = 12000 }}}
{{{ 12000 = 6000*( 1 + .08/52 )^(52t) }}}
{{{ 2 = 1.001538^(52t) }}}
Take the log of both sides
{{{ log( 2 ) = 52t*log( 1.001538 ) }}}
{{{ .30103 = 52t*.0006674 }}}
{{{ .30103 = .034706t }}}
{{{ t = 8.6736 }}}
and
{{{ .6736*12 = 8.08 }}}
You will double your money in 8 yrs 8 months
check:
{{{ 2 = 1.001538^(52t) }}}
{{{ 2 = 1.001538^(52*8.6736) }}}
{{{ 2 = 1.001538^451.027 }}}
{{{ 2 = 1.9999989 }}}
close enough