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Use the formula A=P (1+ r/n)ⁿ⁺ to solve the compound interest problem.
Find how long it takes for $ 900 to double if it is invested at 6 % interest compounded monthly.
The money will double in value in approximately ___ years.
(Do not round until the final answer. Then round to the nearest tenth as needed.)

Use The Formula AP 1 Rnⁿ To Solve The Compound Interest Problem Find How Long It Takes For 900 To Double If It Is Invested At 6 Interest Compounded Monthly The class=

Sagot :

Answer:

11.6 years

Step-by-step explanation:

1800 = 900 x (1 + 0.06/12)^ 12t

1800 = 900 x (1 + 0.005)^12t

1800 = 900 x (1.005)^12t

1800 = 900 x 1.061678^t

1800/900 = (900 x 1.061678^t)/ 900

2 = 1.061678^t

log(1.061678) 2 = t

t = 11.5813

t = 11.6

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