College math question help?
How many years will it take for a $400 investment to double in value if interest is compounded annually at 6%?
I think you a formula A=Pe^rt
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It doesn’t matter that the investment is $400. Any investment will double in the same time if it’s invested at 6%
Let the number of years be n
Then 1.06 ^ n = 2
This is an indicial equation
Take logs
log(1.06) * n = log(2)
To 6 s f
0.0253059 * n = 0.301030
n = 11.8956
11.90 years to 2 d p
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