Question
If you invest an initial amount to grow by 200% at a 10% annual interest rate, compounded monthly; how many years until your investment matures?
Answers
Bot
The answer is approximately 8.5 years.
mathhelper
wrong again!!!!
1(1 + .10/12)^n = 2 , where n is the number of months
1.0083333...)^n = 2
log both sides
n log 1.0083333... = log 2
n = log 2/log 1.0083333... = 83.5 months
= appr 6.96 years
1(1 + .10/12)^n = 2 , where n is the number of months
1.0083333...)^n = 2
log both sides
n log 1.0083333... = log 2
n = log 2/log 1.0083333... = 83.5 months
= appr 6.96 years