An investment

How long will it take for an investment to double at a simple interest rate of 5.10% per annum?
Express the answer in years and months, rounded up to the next month.

Correct answer:

y =  1
m =  2

Step-by-step explanation:

p=1+1005.10​=1.051  pn = 2 n ln p = ln 2 n=ln2/lnp=ln2/ln1.051≐13.9348  n1​=⌈n⌉=⌈13.9348⌉=14  y=⌊n1​/12⌋=⌊14/12⌋=1
m=n1​−12⋅ y=14−12⋅ 1=2

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