SOLUTION: How do you solve: How long would it take to double your money in an account paying 6% compounded quarterly? (Give answer in years plus days, ignoring leap years). Thank you

Question 376378: How do you solve:
How long would it take to double your money in an account paying 6% compounded quarterly? (Give answer in years plus days, ignoring leap years).
Thank you!
Answer by mananth(16949) (Show Source): You can put this solution on YOUR website!
Assume principal P = $100
Amount A = $200
rate r = 6%
time n = ?
compounding = quarterly=q
..
n = log(A/P)/(q log[1+(i/q)]).
n=(log(200/100))/(3*log(1+((0.06)/3))
...
n= 11.67 years
n= 11 years & 244 days
...
m.ananth@hotmail.ca
RELATED QUESTIONS
deposited $1,000 in an account paying 6% interest compounded annually, how long would it... (answered by lwsshak3)

6. If you invest your money in an account that pays 1.5% interest compounded... (answered by robertb)

$3200 is deposited into an account paying 3.4% compounded quarterly,how long will it take (answered by ewatrrr)

Suppose you invest your money into an account that pays 5.4% per year compounded... (answered by stanbon)

Please help never understood how to do these problems. Thanks in advance If you put... (answered by stanbon,josmiceli)

ABC bank is offering to double your money! They say that if you invest with them at 6%... (answered by lwsshak3)

You have money in an account at 7% interest, compounded annually. To the nearest year,... (answered by Alan3354)

please help me solve this: suppose you won $10,000. You decide to invest it and look... (answered by Alan3354)

Tripling Money How long does it take for money to triple in an account paying 5% interest (answered by stanbon)