Question 1186381
At what period will 2500 double if interest is calculated half yearly at 11% interest per annum.
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11%/year = 5.5% per period
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5000 = 2500*(1 + 0.055)^t --- t in periods
1.055^t = 2
t*ln(1.055) = ln(2)
t = ln(2)/ln(1.055)
t = ~ 12.946 periods = 6.47 years