00:01
Hello students in this question we need to find number of years take for an investment to double at 13 % compounded monthly.
00:18
So here we need to assume a equals 2p that is we get double the amount and p doesn't matter.
00:36
So we have to consider as it is.
00:42
Next r equals 13 % which is equal to 13 divided by 100 which is equal to 0 .13.
00:53
Next n which is equal to compounded monthly.
00:57
So one year having 12 months.
01:00
So n equals 12.
01:02
We know that the formula a equals p into 1 plus r by n the whole power n t.
01:14
On substituting all the known values in this formula, then we get 2p equals p into 1 plus r is 0 .13 divided by n is 12, the whole power 12 into t.
01:34
We need to find t.
01:38
P .c cancel.
01:40
Here we can write it as 2 equals.
01:43
On taking lcm, we can write it as 12 plus 0 .13 divided by 12 the whole power 12 t.
01:56
On further simplification we get 2 equals 1 .010 the whole power 12 t.
02:06
Next we need to take log on both sides so we get log 2 equals log 1 .010 the whole power 12 t.
02:08
Next we need to take log on both sides so we get log 2 equals log 1 .010 the whole power 12 t which implies...