Mathematics: If you deposit $8000 into an account paying 9% annual interest compounded semi- annually, how long will it take for your money to double? Round to the nearest hundredth.

If you deposit $8000 into an account paying 9%

TerronRice

22.01.2022

n=7.87 years

Step-by-step explanation:

- The principal amount of $8000 doubles to become $16000.

-Given the rate is 9% compounded semi-annually, we first determine the effective rate:

$i_m=(1+i/m)^m-1\\\\=(1+0.09/2)^2-1\\\\=0.09203$

We use this rate to in the compound interest formula to solve for n:

$2P=P(1+i)^n\\\\16000=8000(1.09203)^n\\\\2=1.09203^n\\\\n=\frac{log \ 2}{log \ 1.09203}\\\\=7.87 \ years$

Hence, it takes 7.87 years for the amount to double to $16,000

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sherlyngaspar1p9t3ly

25.10.2021

The Answer Is 6 .

for example use the numbers 1 , 2 and 3

1-2-3

1-3-2

2-1-3

2-3-1

3-1-2

3-2-1

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