2. The troupe’s account balance first reached $500 on Day 4. The last day the account balance was $500 was Day 8.
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The formula for compound interest is written as 
, where <em>P </em>is the principal (initial amount), <em>r</em> is the rate of interest, <em>n</em> is the number of times it's compounded per year, and <em>t</em> is the time in years. With the values from this problem plugged in, it looks like:
Since you're trying to find when your money will double, put 8000 for <em>A </em>and solve for <em>t</em><em /> :
It will take approximately 14.21 years, or about 14 years, 2 months, and 16 days, for the money to double.
Since you're trying to find when your money will double, put 8000 for <em>A </em>and solve for <em>t</em><em /> :
It will take approximately 14.21 years, or about 14 years, 2 months, and 16 days, for the money to double.