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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?
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1 vote
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?

User LuckyMe
by
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2 Answers

4 votes
2p=p(1+0.065/12)^12t
2=(1+0.065/12)^12t
Solve for t
T= [log(2)/ log(1+0.065/12)] /12
T= 10.7 years or if you want to round it would be 11

Answer: 10.7 years or 11 years

Answer: You can use the compound interest formula: A=P(1+interest)^n

A=the new capital
P=the capital invested
n= the #of monthly


Hope this helps (:
User SamYoungNY
by
7.8k points
1 vote

Answer:

Part one: is b

Part two is 11 years

Explanation:

User Rolan
by
9.1k points
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