Asked by Raju
A sum of $5000 is be invested in a bank. if the annual interest is 10% and compounded monthly, how long will it take for the original investment to double.
Answers
Answered by
Reiny
i = .10/12 = .008333..
n = ? months
5000(1.008333..)^n = 10000
1.008333..^n = 2
n log 1.0083333..= log2
n = appr 83.5 months
or 6 years and appr 11.5 months
n = ? months
5000(1.008333..)^n = 10000
1.008333..^n = 2
n log 1.0083333..= log2
n = appr 83.5 months
or 6 years and appr 11.5 months
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