Asked by tasha

find out how long it takes a $2700 investment to double if it is invested by 7% compounded semiannually. Round to the nearest tenth of a year . Use the formula A=P[1+r/n]^nt
Answered by bobpursley
2=(1+.07/2)^2t
log of both sides..
log2=2t log(1+.035)

can you do that? Solve for t?
Answered by Reiny
you want the $2700 to double, so A = 5400

5400 = 2700(1 + .035)^(2t)
2 = 1.035^(2t)

I hope you know how to use logs and know the rules of log operations

2t = log 2/log 1.035
2t = 20.148
t = 10.07
= 10.1 to the nearest tenth
Answered by tasha
how did you get (.035)
Answered by bobpursley
seven percent/n= .07/2
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