Answer
7.3 years
Work Step by Step
We now consider the same problem, except with 12 percent interest:
$$ 2 = (1+.12/12)^{12t}$$
$$ 12t = log_{1.01}(2)$$
$$t=7.3 \ years$$
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: 46
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