megankate38 megankate38

01-03-2017
Mathematics

Answered

How long does it take for an investment to double in value if it is invested 8% per annum compounded monthly? Compounded continuously? It's number 29.

How long does it take for an investment to double in value if it is invested 8 per annum compounded monthly? Compounded continuously? It s number 29. class=

Verified Answer :

Aliwohaish12 Aliwohaish12

01-03-2017

2p=p(1+0.08/12)^12t
T=[log(2)/log(1+0.08/12)]/12
T==8.7 years

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