Question

How long does it take for an investment to double in value if it is invested 8% per annum compounded monthly? Compounded continuously? It's number 29.

Answer 1

2p=pe^rt
2=e^0.08t
Log(2)=0.08t*log(e)
0.08t=log(2)/log(e)
T=[log(2)/log(e)]/0.08
T==8.7 years