What would the equation be to find how many months?And what type of equation is it called, I forgot so I don’t know what to google. D;
Home » Tus Preguntas » How long will it take to double $500 at 6% interest quarterly. ?
Home » Tus Preguntas » How long will it take to double $500 at 6% interest quarterly. ?
What would the equation be to find how many months?And what type of equation is it called, I forgot so I don’t know what to google. D;
A = P[1 + (r/n)]^(nt)
1000 = 500(1 + . 06/4)^(4t)
2 = 1. 015^4t
ln 2 / ln 1. 015^4 = t
11. 638881407701470812056303939588 = t
11. 64 years