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How long will it take for the balance of an account to double if the savings account earns 0.75% annual interest compounded monthly? Hint: Set up the problem using the formula: …

How long will it take for the balance of an account to double if the savings account earns 0.75% annual interest compounded monthly? Hint: Set up the problem using the formula: …
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How long will it take for the balance of an account to double if the savings account earns 0.75% annual interest compounded monthly?

Hint: Set up the problem using the formula: A=P(1+r/n )^nt.

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User RandomKek
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1 Answer

6 votes
2p=p(1+0.0075/12)^12t
12t=log(2)/log(1+0.0075/12)
Can you solve for t
answered
User BWA
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8.6k points
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