SOLUTION: Sarah invested 100 dollars in a bank account with an interest rate of 2% compounded quarterly. After approximately how many years will it take for her money to double?

Question 954649: Sarah invested 100 dollars in a bank account with an interest rate of 2% compounded quarterly. After approximately how many years will it take for her money to double?
Answer by josgarithmetic(39623) (Show Source): You can put this solution on YOUR website!
2%, same as 0.02, if compounded quarterly means each period of compounding the rate is

, using p to count the periods.

One way to solve is to find p, and then find to find how many years.
Other way is p/4=y for years, and do the equation as
.

----quarters
----years

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