How long does it take to double a $1,000 investment that pays 6.5% annual interest, compounded monthly?
2 answers:
Answer:
Part one: is b
Part two is 11 years
Step-by-step explanation:
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 (:
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