Asked Dec 11, 2019

Use the compound interest formula to determine how long it will take for a sum of money to double if it is invested at a rate of 5% per year compounded monthly. (Round your answer to two decimal places.)


Expert Answer

Step 1

Formula for compound interest:


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A = P 1+ Where A = future value of the deposit P = principal or amount of money deposited r= annual interest rate (in decimal form) n= number of times compounded per year t= time in years

Step 2

We have A = 2P, r = 0.05, n = 12

Substitute the abov...


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12r 0.05 2P = P|1+ 2-(1- 12r 0.05 2 =|1+ 12 0.05 In (2)=12t In 1+ 12 In (2) t = 12.05 12 In 12 - 13.89


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