Answer:
It will take 13.67 months for her money to double
Step-by-step explanation:
We are given
Denise put $95 a cd
so, P=95
that pays 5.2% interest compounded monthly
so, r=0.052
We are given
Her money gets doubled
so, A=2*95=190
now, we can use formula
\(A=P(1+r)^t\)
where
t is time in months
we can plug values
\(190=95(1+0.052)^t\)
\(2=(1.052)^t\)
now, we can solve for t
\(\ln \left(2\right)=\ln \left(1.052^t\right)\)
\(t=\frac{\ln \left(2\right)}{\ln \left(1.052\right)}\)
\(t=13.67\)
