A community for students.
Here's the question you clicked on:
 0 viewing
 2 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
 2 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

This Question is Closed

satellite73
 2 years ago
Best ResponseYou've already chosen the best response.0\[600=300(1.06)^x\] solve for x

satellite73
 2 years ago
Best ResponseYou've already chosen the best response.0\[600=300(1+\frac{.06}{2})^{2x}\] solve for x

satellite73
 2 years ago
Best ResponseYou've already chosen the best response.0\[600=300(1.03)^{2x}\] \[2=(1.03)^{2x}\] and right away you see that the 300 and 600 were not really part of the problem doubling time just means doubling time

satellite73
 2 years ago
Best ResponseYou've already chosen the best response.0\[(1.03)^{2x}=2\] \[2x=\frac{\ln(2)}{\ln(1.03)}\] \[x=\frac{\ln(2)}{2\ln(1.03)}\] then a calculator
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.