Question:

Determine how much time is required for an investment to double in value if interests is earned at the........

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annual rate of 6.75% compounded monthly. Confirm numerically.

please show work so i can solve similar problems

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  2. The answer is 11 years.

    Year 0 $1.00

    Year 1 = $1 x (1+.0675) = $1.0675

    Year 2 = $1.0675 x (1 + .0675) = $1.139556

    Year 3 = $1.139556 x (1 + .0675) = $1.216476

    .

    .

    .

    Year 11 = $2.051383
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