Bank A pays #1%# interest per year, compounded yearly. Bank B pays #5%# interest per year, compounded monthly. How long does it take before an investment in Bank B has grown to twice as much as the same investment in Bank A?
1 Answer
Dec 17, 2017
Manipulated to a point where you can take over.
Explanation:
Taking logs:
Divide both sides by 12
I will let you finish this off.