anonymous
  • anonymous
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
Mathematics
schrodinger
  • schrodinger
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anonymous
  • anonymous
\[600=300(1.06)^x\] solve for x
anonymous
  • anonymous
no that is wrong
anonymous
  • anonymous
\[600=300(1+\frac{.06}{2})^{2x}\] solve for x

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anonymous
  • anonymous
\[600=300(1.03)^{2x}\] \[2=(1.03)^{2x}\] and right away you see that the 300 and 600 were not really part of the problem doubling time just means doubling time
anonymous
  • anonymous
\[(1.03)^{2x}=2\] \[2x=\frac{\ln(2)}{\ln(1.03)}\] \[x=\frac{\ln(2)}{2\ln(1.03)}\] then a calculator
anonymous
  • anonymous
i get 11.7

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