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.

Answer 1

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