Intermediate Algebra (6th Edition)

by Martin-Gay, Elayn

Published by Pearson

ISBN 10: 0321785045

ISBN 13: 978-0-32178-504-6

Chapter 9 - Section 9.8 - Exponential and Logarithmic Equations and Problem Solving - Exercise Set - Page 591: 50

Answer

$$t=8.7 \ years$$

Work Step by Step

We now consider a 1000 dollar investment with 8 percent interest compounded monthly. $$2000=1000(1+(.08/12))^{12t}$$ This gives: $$12t=log_{302/300}(2)$$ $$t=8.7 \ years$$

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