DalindaA687159 DalindaA687159

29-10-2022
Mathematics

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5. How long will it take an account paying 6% annual interest to double if it is compounded monthly?

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AlexandraH7242 AlexandraH7242

29-10-2022

n = (In (Cf/Ci)) / In (1 + R)

Cf = 2x

Ci = x

R = 0.06

n = In(2x/x) /In(1 + 0.06)

n = 0.6931 / 0.058

n = 11.95 months or approximately 1 year

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