A sum of $4000 is invested at 5.5% interest per year. Find the amount of time needed to double the money if it’s compounded monthly. A) 12y
B) 12y 4m
C) 12y 8m
D) 13y

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  C)  12y 8m

Step-by-step explanation:

The amount of principal P at compound monthly at interest rate r per year is given by ...

  A = P(1 +r/12)^(12t) . . . . after t years

Here, we want to find t, so ...

  A/P = (1 +r/12)^(12t)

  log(A/P) = (12t)·log(1 +r/12)

  t = log(A/P)/(12·log(1 +r/12))

Filling in the given values, we find t to be ...

  t = log(8000/4000)/(12·log(1 +0.055/12)) ≈ 12.6315 ≈ 12 years 7.6 months

It will take about 12 years 8 months to double the money.

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step-by-step explanation:

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