Seyifunmiolukunlego Seyifunmiolukunlego

Mathematics

Answered

using compound interest, how long does it take to double a 1000 dollar investment that pays 6.5% annual interest, compounded monthly?

Answer :

Samuelonum1go Samuelonum1go

Answer:

11 years approx

Step-by-step explanation:

Given data

P=$1000

A=2000

R=6.5%

T= ?

Calculate time, solve for t

t = ln(A/P) / r

substitute

t=ln(2000/1000)/0.065

t=ln(2)/0.065

t=0.693/0.065

t=10.66

Hence the time is 11 years approx

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