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How long will it take for the balance of an account to double if the savings account earns 0.75% annual interest compounded monthly? Hint: Set up the problem using the formula: A=P(1+r/n )^nt.
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How long will it take for the balance of an account to double if the savings account earns 0.75% annual interest compounded monthly?

Hint: Set up the problem using the formula: A=P(1+r/n )^nt.

User RandomKek
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1 Answer

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2p=p(1+0.0075/12)^12t
12t=log(2)/log(1+0.0075/12)
Can you solve for t
User BWA
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