Question

How long it will take for $300 to double when invested at 6% annual interest compounded twice a year?


10.3 years

11.7 years

12.5 years

13.1 years

13.7 years How long it will take for $300 to double when invested at 6% annual interest compounded twice a year?


10.3 years

11.7 years

12.5 years

13.1 years

13.7 years @Mathematics

Answer 1

600=300 (1.03)^t
2 = 1.03^t

Answer 2

ln(2)=t ln(1.03)
t=ln(2)/ln(1.03)
t= 23.44
about 11.72 years

Answer 3

Where did the 600 come from?

Answer 4

start with 300 ... double to get the 600!!!

Answer 5

Oh i understand now, but how did you know to use ln instead of log