Find the interest rate needed for an investment of $7,000 to double in 7 years if interest is compounded monthly. (Round your answer to the nearest hundredth of a percentage point.)

Answer 1

2 = (1 + r/12)^(7)(12)

2 = (12 + r)⁸⁴

ln 2 = 84 ln (12 + r)

Solve for r and answer