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Double money in the same amount of time

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Jelani has a savings account that pays him i(12) = 6% interest compounded monthly. How many months until Jelani at least doubles his money? (exact, whole number of months)

b) Jelani gets a hot tip on the stock market. His broker tells him he can double his money in 17 months. If Jelani leaves his money in his savings account instead, what would the interest rate i(12) on his savings account have to be to at least double his money in the same amount of time?

(to 2 decimals. If your answer is 12.34% write 12.34 not 0.1234.

Reference no: EM132538502

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