Answer
Because we round to the nearest tenth, the answer is 9.65 years
Work Step by Step
According to the question, we see that our initial value is P=600. We want our money to double. This means that our A must be double our P. This means the following
A = 2P
A = 2(600)
A = 1200
Our ratio is r=7%=0.07.
The number of times we are compounding the ratio in a year is 12 times. We know this as the question states that we compound the value monthly. This makes n=12.
We need to find the value of t, which is time. We do so by substituting all our given values into the equation provided and then solve for t. This is how it's done:
The working of the solution is seen in the image
