<PRE><B>Question 1186381</B>
.
Please help with the homework

At what period will 2500 double if interest is calculated half yearly at 11% interest per annum.

Thanks in advance
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&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;It is &amp;nbsp;INCORRECTLY &amp;nbsp;to say &amp;nbsp;&amp;nbsp;&quot;interest is calculated half yearly at &amp;nbsp;11% &amp;nbsp;interest per annum.


&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;Correctly is to say &amp;nbsp;&quot;Interest is &amp;nbsp;COMPOUNDED &amp;nbsp;every six months at &amp;nbsp;11% &amp;nbsp;annual interest rate.&quot;




You should calculate the time &amp;nbsp;&quot;t&quot; &amp;nbsp;as &amp;nbsp;Alan did it in his post.



But &amp;nbsp;AFTER &amp;nbsp;THAT &amp;nbsp;you &amp;nbsp;MUST &amp;nbsp;to round the time to integer number of compoinding periods,

in order for the bank was in position to make last compounding.



So, in this problem the correct answer is  &amp;nbsp;&quot;6.5 &amp;nbsp;years, &amp;nbsp;that comprise  &amp;nbsp;13 &amp;nbsp;compounding periods.&quot;



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To see many other similar &amp;nbsp;(and different) &amp;nbsp;solved problems, &amp;nbsp;look into the lesson

&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;- &lt;A HREF=https://www.algebra.com/algebra/homework/logarithm/Problems-on-discretely-compound-accounts.lesson&gt;Problems on discretely compound accounts&lt;/A&gt; 

in this site, and learn the subject from there.



After reading this lesson, you will tackle such problems on your own without asking for help from outside.

At the same time, &amp;nbsp;you will improve your terminology, &amp;nbsp;which is at low level now.



Also, &amp;nbsp;you have this free of charge online textbook in ALGEBRA-I in this site

&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;- &lt;A HREF=https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson&gt;ALGEBRA-I - YOUR ONLINE TEXTBOOK&lt;/A&gt;.


The referred lesson is the part of this online textbook under the topic &quot;&lt;U&gt;Logarithms&lt;/U&gt;&quot;.



Save the link to this online textbook together with its description


Free of charge online textbook in ALGEBRA-I
https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson


to your archive and use it when it is needed.



Happy learning (!)




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