math check my answer
posted by Melly .
An internet investment company advertises that if you invest your money with them at 14%, compounded annually, they guarantee yo double your money sooner than you can imagine. Ignoring taxes, how long would it take to double your money at a simple rate of 14% compounded annually?
a. approx 3.5 yrs
b. approx 5 yrs
c. exactly 7 yrs
d. approx 10 yrs
e. Exactly 14 yrs
I chose b. approx 5 yrs pretending that my initial investment was $5k: 5,000+700 (1), 5700+798 (2), 6498+909.72 (3), 7407.72+1037.0808 (4), 8444.8008+1182.27 (5)
9627.07+1347.79= $10,974.863
Am I correct?

math check my answer 
Mgraph
For simple interest
2P=P+0.14tP
0,14t=1 t= approx 7 yrs
For compound interest
2P=P(1.14)^t
1.14^t=2
t=ln(2)/ln(1.14)=5.29 approx 5 yrs
Respond to this Question
Similar Questions

math
Jim wants to deposit money in an account to save for a new stereo system in two years. He wants to have $4,000 available at the time. The following rates are available to him: 6.2% simple interest 6.1% compounded annually 5.58% compounded … 
Math(Please check)
You invest $3000 in a savings account where you earn 4% interest compounded continuously a) what is the formula A(t) for the balance after t years? 
math
If I invest $1,000 today in a ProfitSharing Plan and earn a 6% return on my money, approximately how long will it take me to double your investment? 
Math
Suppose you invest your money into an account that pays 4.0% per year compounded quarterly. How long (in years) will it take for your money to triple? 
MATH, PLEASE HELP!
Suppose you invest your money into an account that pays 4.0% per year compounded quarterly. How long (in years) will it take for your money to triple? 
math  earn interest
invest money that pays 6.3% interest/year compounded quarterly. How long should invest if want to double initial investment? 
math
You invest money that pays 6.3% interest/year compounded quarterly. How long should you invest if want to double initial investment? 
Math
How long would it take to double your money at 15.86 percent with interest compounded annually? 
math(compunded interest )
6.how long will it take for a sum of money to quadruple at 10 percent compounded annually ? 
Precalc
suppose you want to invest $60,000 for ten years. You can invest your money in a CD that earns 4% interest, compounded quarterly and has no risk, or you can invest your money in futures that ear 10% interest, compounded quarterly. …