SOLUTION: how long will it take for an investment to double if it earns 6.25% interest per year compounded quarterly?
Algebra.Com
Question 583965: how long will it take for an investment to double if it earns 6.25% interest per year compounded quarterly?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Principal P = 100
Amount= 200
n= number of periods
compounded (q) 4
Rate = 6.25
n = ln(FV / PV) / ln(1 + r/q)
n=( ln ( 200 / 100 )/ln( 1 + 0.02 )
n=( 0.69 )/ ln 1.02
n=( 0.69 / 0.02 )
n= 44.71 quarters
divide by 4
11.18 years
RELATED QUESTIONS
How long will it take an investment of $1,000 to double if the investment earns interest... (answered by mananth)
How long will it take an investment of $2000 to double if the investment earns interest... (answered by mananth)
How long will it take for an investment of $1000 to double in value if the interest rate... (answered by robertb)
How long it will take for an investment of 2000 dollars to double in value if the... (answered by stanbon)
How long it will take for an investment of 2000 dollars to double in value if the... (answered by graphmatics,MathTherapy)
A sum of $2500, 000 earns interest at a rate of 12% per year compounded quarterly. How... (answered by ikleyn,solver91311)
A sum of $2500, 00 earns interest at a rate of 12% per year compounded quarterly. How... (answered by greenestamps,josgarithmetic,ikleyn)
A sum of $250,000 earns interest at a rate of 12% per year compounded quarterly. How long (answered by solver91311,ikleyn)
Sum of $250,000 earns interest at a rate of 12% per year compounded quarterly. How long... (answered by Boreal)