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find how long it takes $1500 to double if it is invested at 7% interest compound semiannually. use the formula a=p (1+r/n)^nt to solve the compound interest problem.

it will take approximately ? years .
round to the nearest tenth as needed.

A=future amount
P=present amount
r=rate in decimal
n=number of times per year compounded
t=time in years

how many years to double
basically
A=2P at t=?
so we can simplify and ignore the pricipal given and do

r=7%=0.07
n=2 (semiannualy means 2 times per year)
t=t




take the ln of both sides

divide both sides by ln1.035

times 2 both sides

use calculator
40.2976=t
nearest tenth
40.3
about 40.3 years