Answer
$$t=8.7 \ years$$
Work Step by Step
We now consider a 1000 dollar investment with 8 percent interest compounded monthly.
$$2000=1000(1+(.08/12))^{12t}$$
This gives:
$$12t=log_{302/300}(2)$$
$$t=8.7 \ years$$
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: 50
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