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Suppose $500 is invested at 6% annual interest compounded twice a year. When will the investment be worth $1000.

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asked Nov 4, 2022 24.3k views

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Suppose $500 is invested at 6% annual interest compounded twice a year. When will the investment be worth $1000.

Mathematics
high-school

Mahlatse asked

by Mahlatse

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Answer:

Explanation:

$V=P(1+r/c)^((ct))\\ \\ V=P(1+.06/2)^((2t))\\ \\ 1000=500(1.03)^((2t))\\ \\ (1.03)^(2t)=2\\ \\ 2t=ln2/(ln1.03)\\ \\ t=ln2/(2ln(1.03))\\ \\ t\approx 11.7 years$

Mhaseeb answered Nov 8, 2022

by Mhaseeb

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Suppose $500 is invested at 6% annual interest compounded twice a year. When will the investment be worth $1000.

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