You have money in an account at 6% interest, compounded monthly. To the nearest year, how long
1 answer:
Answer:
Step-by-step explanation:
Let amount now be x , meaning principal is x
and the amount later A is 2x
A = P(1+r/n)^nt
n = 12
2x = x (1 + 0.06/12)^12t
divide through by x
2 = (1+ 0.005)^12t
2 = (1.005)^12t
Take log of both sides
log 2 = 12t log 1.005
12t = log2/log 1.005
12t = 138.975721610697
t = 138.975721610697/12
t = 11.58
t = 12 years
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