Ask a New Question

You invest $4500 into an account that earns 6.5% interest compounded monthly. How long will it take for the account to double in its value?

1 answer

solve for m months in

(1+.065/12)^m = 2

Ask a New Question or answer this question.

Similar Questions

(Future Value) Suppose you invest $8000 into an account that pays an annual interest rate of 6.2%. How much is in the account
1. 2 answers
Invest $23,000 in a savings account at 4.25% interest compounded quarterly.Invest into an ordinary annuity where $5,000 is
1. 3 answers
Suppose that you invest $6384 in an account that earns interest at an APR of 4.6%, compounded monthly. Determine the accumulated
1. 1 answer
3. Suppose that Jill, at age 24, decides to invest $200 monthly into a portfolio that earns 7% compounded monthly and does this
1. 1 answer

more similar questions