Anita deposited $3,000 into an account that earns 5.2% apr, compounded monthly. how many years will it take to double her money?

apr
5.20%
n
12
y
13.358614
pmt
p
$3,000.00
fv
$6,000.00
my question is how do you get this answer?

13.46 years

Step-by-step explanation:

To solve this problem we can use the Exponential Growth Formula since we are talking about compounding interest. The Formula is the following

Where:

Now we can plug all the values into the equation and solve for the amount of years.

... solve parenthesis

.... divide both sides by 3000

..... turn into logarithmic form

㏒(1.0043)2 = 12 * t  ..... solve logarithmic form

.....divide both sides by 12

We see that it will take Anita 13.46 years to double her money.

I hope this answered your question. If you have any more questions feel free to ask away at .

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step-by-step explanation: