SOLUTION: How long will it take $500 to Double itself, if it is invested at 8% annual interest rate compounded quarterly ?
Set up and solve using an algebraic equation..
Than you for your
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Question 1043189: How long will it take $500 to Double itself, if it is invested at 8% annual interest rate compounded quarterly ?
Set up and solve using an algebraic equation..
Than you for your help :)
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
How long will it take $500 to Double itself, if it is invested at 8% annual interest rate compounded quarterly ?
Set up and solve using an algebraic equation..
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The amount doesn't matter.
FV = PV*(1 + 0.08/4)^(4t) t in years
FV = 2*PV
--> 2 = 1.02^(4t)
4t*ln(1.02) = ln(2)
t = ln(2)/(4*ln(1.02)) years
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