Question

find out how long it takes a 2,600 investment to double if its invested at 9% compounded semianually. round to the nearest tenth. use the formula A=P(1+r/n)^n(t)
please help!

Answer 1

the answer is 7.9, i keep getting a totally different answer when i try and solve it again

Answer 2

Putting the given values into the formula we get:
\[\large 5200=2600(1+\frac{0.09}{2})^{2t}\]
Do you follow so far?

Answer 3

Yes thank you

Answer 4

i figured it out, i put the wrong number instead of 5200

Answer 5

Good work!

Answer 6

thank you again :)

Answer 7

You're welcome :)