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
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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
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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
