Question 1167965
<pre>
You want to know how long it will take $3000 to grow to $6000.

{{{A=P(1+r/n)^(n*t)}}}

{{{6000=3000(1+0.035/2)^(2t)}}}

Divide both sides by 3000

{{{2=(1+0.0175)^(2t)}}}

{{{2=1.0175^(2t)}}}

Take logs of both side:

{{{log((2))=log((1.0175^(2t)))}}}

Use the principle that states that the logarithm of an exponential
equals the product of the exponent with the logarithm of the base.

{{{log((2))=2t*log((1.0175))}}}

Divide both sides by 2log(1.0175)

{{{log((2))/(2log((1.0175)))=(2t*log((1.0175)))/(2log((1.0175))) }}}

{{{log((2))/(2log((1.0175)))=(cross(2)t*cross(log((1.0175))))/(cross(2log((1.0175)))) }}}

{{{log((2))/(2log((1.0175)))=t }}}

Use a scientific or graphing calculator to calculate the left side:

{{{19.97699091=t}}}

That rounds to 20 years.

Edwin</pre>