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## LydiaBreez 3 years ago How long it will take for \$300 to double when invested at 6% annual interest compounded twice a year? Answer: A)10.3 years B)11.7 years C)12.5 years D)13.1 years E)13.7 years This is my last question

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1. satellite73

$600=300(1.06)^x$ solve for x

2. satellite73

no that is wrong

3. satellite73

$600=300(1+\frac{.06}{2})^{2x}$ solve for x

4. satellite73

$600=300(1.03)^{2x}$ $2=(1.03)^{2x}$ and right away you see that the 300 and 600 were not really part of the problem doubling time just means doubling time

5. satellite73

$(1.03)^{2x}=2$ $2x=\frac{\ln(2)}{\ln(1.03)}$ $x=\frac{\ln(2)}{2\ln(1.03)}$ then a calculator

6. satellite73

i get 11.7

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