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

User Mahlatse
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2 votes

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

User Mhaseeb
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