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How do i double 600 if i invest it with a 6% p.a. Compounded anually?

 Feb 27, 2015

Best Answer 

 #1
avatar+118723 
+5

$$\\1200=600(1.06)^n\\\\
2=1.06^n\\\\
log(2)=log(1.06^n)\\\\
log(2)=nlog(1.06)\\\\
n=\frac{log(2)}{log(1.06)}$$

 

$${\frac{{log}_{10}\left({\mathtt{2}}\right)}{{log}_{10}\left({\mathtt{1.06}}\right)}} = {\mathtt{11.895\: \!661\: \!045\: \!941\: \!876\: \!8}}$$

 

there you go, leave it in the bank for 12 years.

 Feb 28, 2015
 #1
avatar+118723 
+5
Best Answer

$$\\1200=600(1.06)^n\\\\
2=1.06^n\\\\
log(2)=log(1.06^n)\\\\
log(2)=nlog(1.06)\\\\
n=\frac{log(2)}{log(1.06)}$$

 

$${\frac{{log}_{10}\left({\mathtt{2}}\right)}{{log}_{10}\left({\mathtt{1.06}}\right)}} = {\mathtt{11.895\: \!661\: \!045\: \!941\: \!876\: \!8}}$$

 

there you go, leave it in the bank for 12 years.

Melody Feb 28, 2015

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