If you deposit $8000 into an account paying 9% annual interest compunded semi anually how long will it take for your money to double. round to the nearest hundreth

7.87 years

Step-by-step explanation:

#First we determine the effective annual rate based on the 9% compounded semi annual;

#We then use this effective rate in the compound interest formula to solve for n. Given that the principal doubles after 2 yrs:

Hence, it takes 7.87 years for the principal amount to double.

step-by-step explanation:

36/60

36/2=18

60/2=30

18/30

18/3=6

30/3=10

6/10

6/2=3

10/2=5

your final answer would be 3/5 of an

hope this !