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13 March, 05:35

How long does it take to double a $1,000 investment that pays 6.5% annual interest, compounded monthly?

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  1. 13 March, 05:43
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    2p=p (1+0.065/12) ^12t

    2 = (1+0.065/12) ^12t

    Solve for t

    T=[log (2) / log (1+0.065/12) ]/12

    T=10.7 years
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