Question

A sum of money invested at 3% per 6-month period will double in approximately how many years?

Answer 1

you essentially have to log it out ..

Answer 2

is the 3% a period rate? it reads as tho its 3% every 6 months .. how many periods does it take?

2P = P(1.03)^n

2 = (1.03)^n

log(2) = n log(1.03)

etc ...

Answer 3

Well, the question is given just like that. But I'll try log. Thanks.

Answer 4

logs allow us to isolate an exponent ...

Answer 5

23.4 is the number of periods, each period is 1/2 a year

Answer 6

Gotcha. 23.4/2= 11.7

Answer 7

we have a 2:1 ratio ...

thats it

Answer 8

Thank you.

Answer 9

youre welcome