SOLUTION: Story Problem: My initial investment is $4000.00 and is componded quarterly at 6.25% . How long will it take to double my money ?
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Question 81673: Story Problem: My initial investment is $4000.00 and is componded quarterly at 6.25% . How long will it take to double my money ? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Story Problem: My initial investment is $4000.00 and is componded quarterly at 6.25% . How long will it take to double my money ?
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2*4000= 4000(1+(0.0625/4)(4t)
2 = (1+(0.0625/4)(4t)
2 = (1.015625)^(4t)
Take the natural log to get:
4t = ln2/ln1.015626
4t = 44.70426
t=11.18 years
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Cheers,
Stan H.
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