Harley invests $1200 in a certificate of deposit (CD) that pays 4% interest compounded monthly.

c. How long will it take the balance to double?

Solution:

If Harley invests $1200, the balance will be double when the CD is worth $2400. This representsA(t).

Plugging 2400 in for A(t) gives the following:

2400=1200(1+0.04/12)^12t

We need to solve this exponential equation fort.

Divide both sides by 1200 to isolate the exponential piece, and need your new equation below.

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