How many years will it take for a $400 investment to double in value if interest is compounded annually at 6% ?

Question

anonymous · Answer

P(1+R/n)^nt
400(1+.06)^t=800
(1.06)^t=2

anonymous · Answer

I got that

anonymous · Answer

I did the work, I just want to check my answer

anonymous · Answer

sure what'd you get?

anonymous · Answer

198.26

anonymous · Answer

no, it will take much less than 198.26 years

anonymous · Answer

12 years

anonymous · Answer

Gahhhhhh!! I dont know what to do then :(

anonymous · Answer

(1.06)^t=2
log 1.06^t =log 2
t log 1.06=log 2
t=log 2 /  log 1.06

anonymous · Answer

use the last equation imran gve u in his first post then take natural log of both sides and solve for t

anonymous · Answer

Isnt it (1.06)^.06t= 2??

anonymous · Answer

Show me what you did

anonymous · Answer

Oh wait! Nevermind!!!!

anonymous · Answer

Sorry! Haha

anonymous · Answer

I have another problem.... And i think it's the same answer, can you take a look at it please?

anonymous · Answer

yes sure,post it

anonymous · Answer

How many years will it take for a $160 investment to double in value if interest is compounded annually at 6%?

anonymous · Answer

it would be same answer because final amount is twice as much as initial amount.
so the equation will end up being same as above
(1.06)^t=2
so same number

anonymous · Answer

Okay that's what i thought, thank you :))))