Question: The compound interest formula is given by A=P(1+ ry where A is the accumulated amount, after an initial investment of P dollars i invested for

The compound interest formula is given by A=P(1+ ry" where A is the accumulated amount, after an initial investment of P dollars i invested for t years, at annual interest rate 7, compounded n times per year. Use the formula above to determine how long it will take an initial investment of $23,000 to double, if the account earns 4% interest per year, compounded monthly. Round the solution to two decimal places. The account balance will double after ey years. Use the formula above to determine how long it will take an initial investment of $23,000 to double, if the account earns 8% interest per year, compounded monthly. Round the solution to two decimal places. The account balance will double after years

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