kinglove227 kinglove227

21-05-2021
Mathematics

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Find how long it takes for $500 to double if it is invested at 6% interest compounded monthly

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madethisfortwitch1 madethisfortwitch1

21-05-2021

Answer:

11.581 years

Step-by-step explanation:

Formula:

[tex]AV=PV(1+\frac{i}{n})^{nt}\\1000=500(1+\frac{.06}{12})^{12t}\\2=1.005^{12t}\\log_{1.005}2=12t\\138.9757=12t\\t=11.5813[/tex]

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