Question

Perry has an opportunity to put $12,000 into an investment with an APR of 5.6% compounded annually.

How long will it take his investment to double?

(round to one decimal place)

Answer 1

24000=12000(1+.056)^n

2=(1.056)^n
take log of each side.
log2=n log(1.056)
n=log2/log(1.056)
put this in your google search window: log(2)/log(1.056)=12.72
so n= 13 years.