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Compound Interest (Finite Number of Calculations) - Problem 6

Teacher/Instructor Alissa Fong
Alissa Fong

MA, Stanford University
Teaching in the San Francisco Bay Area

Alissa is currently a teacher in the San Francisco Bay Area and Brightstorm users love her clear, concise explanations of tough concepts

Surprisingly, the time it takes an investment to double doesn't depend on how much is invested in the first place. Since the ratio of money after time to initial investment is always 2 for doubling, we can use the equation 2 = (1+(r/n))^(nt) to solve for time. Be ready to either apply a log to both sides of the equation or re-write the equation in log form in order to get "t" out of the exponent.

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