3 years ago

Suppose $500 is invested at 6% annual interest compounded twice a year. When will the investment be worth $1000.

Mathematics

1 answer:

Nataly_w [17]3 years ago

7 0

Answer:

Step-by-step explanation:

$V=P(1+r/c)^{(ct)}\\ \\ V=P(1+.06/2)^{(2t)}\\ \\ 1000=500(1.03)^{(2t)}\\ \\ (1.03)^{2t}=2\\ \\ 2t=ln2/(ln1.03)\\ \\ t=ln2/(2ln(1.03))\\ \\ t\approx 11.7 years$

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