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Today at 5:12 AM
Mathematics

Answered

Find how long it takes for $500 to double if it is invested at 6% interest compounded monthly

Answer :

madethisfortwitch1 madethisfortwitch1

Today at 5:18 AM

Answer:

11.581 years

Step-by-step explanation:

Formula:

[tex]AV=PV(1+\frac{i}{n})^{nt}\\1000=500(1+\frac{.06}{12})^{12t}\\2=1.005^{12t}\\log_{1.005}2=12t\\138.9757=12t\\t=11.5813[/tex]

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