Answer:
sorry dont know!!
Step-by-step explanation:
formula is
where A=final amount
P=principal
r=interest rate in decimal
n=number of times per year it is compounded
t=time in years
we want to find where
A=2P
and P=5745
and r=6.5%=0.065
n=monthly=12
remember that
also that
, solving for t
divide both sides by 5745 to simplify things a bit
I'd rather not simplify this because it give us a decimals and those aren't exact, if we combine, we get 12.065/12 for inside parenthases
take ln of both sides
divide both sides by
using our calculator, t≈10.6927
so rounded, we get 10.7 years
Answer:
Step-by-step explanation:
Try to calculate them in your head and if that doesn't help use a calculator. I hope this helps