Question

How long would it take an investment of $1200 to grow to $2400 if interest is calc at 6.0% per year compounded annually?

Answer 1

Answer: 11.896 yrs

Step-by-step explanation:

A = P(1+ r/100)^t

2400 = 1200(1+ 6/100)^t

2=1(1.06)^t

2=1.06^t

apply ln both sides

ln 2/ ln 1.06 = t

t = 11.896 yrs