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OpenStudy (anonymous):
how long will it take to double an investment at 6.25% interest if compounded monthly
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OpenStudy (anonymous):
6.25 percent interest compounded monthly means that you every month you multiply your investment by 1 + 0.0625/12 = 193/192. Now since you're doubling, you have 2 = (193/192)^t where t is the number of months. Obviously you'll want to round up if you want to actually double since you don't get the interest until the end of the month.
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