Compound interest formula: alt="V (t) = P (1 + StartFraction r Over n EndFraction) Superscript n t" How long does it take to double a $1,000 investment that pays 6.5% annual interest, compounded monthly?

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asked May 26, 2022 54.1k views

5 votes

Compound interest formula: alt="V (t) = P (1 + StartFraction r Over n EndFraction) Superscript n t"

How long does it take to double a $1,000 investment that pays 6.5% annual interest, compounded monthly?
Which equation can you use to solve this problem?