SOLUTION: How long does it take for an amount of money P to double itself if it's invested at 9% interest compounded 3 times a year? Round your answer to 2 decimal places.
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Question 1153870: How long does it take for an amount of money P to double itself if it's invested at 9% interest compounded 3 times a year? Round your answer to 2 decimal places.
Answer by josgarithmetic(39623) (Show Source): You can put this solution on YOUR website!
9% cut into three periods for the year is 3%.
, in which x is the count of compounding periods; and one year contains 3 such periods. (Each period is about 4 months.)
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