Question

At rate 9 percent ,compounded monthly in what time will the amount be double of principal.

Answer 1

Answer:

Calculate:

Time (t)

Where: t = log(A/P) / n[log(1 + r/n)]

Total P+I (A): $ 2.00

Principal (P): $ 1.00

Rate (R): % 9

Compound (n): Compounding Monthly (12/Yr)

Answer:

t = 7.73 years