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6. Find how long it takes $600 to double if it is invested at 12% interest compounded monthly. With work

6. Find how long it takes $600 to double if it is invested at 12% interest compounded monthly. With work
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2 votes
6. Find how long it takes $600 to double if it is invested at 12%

interest compounded monthly.
With work

User Penanghill
by
8.5k points

1 Answer

6 votes

Answer:

A = $697.09

Explanation:

A = P (1 + r/n)

A = 600 (1 + 0.05/365)

A = $697.09

User DJK
by
8.6k points
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