SOLUTION: How long does it take for an amount of money P to double itself if it's invested at 9% interest compounded 3 times a year? Round your answer to 2 decimal places.

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Question 1153870: How long does it take for an amount of money P to double itself if it's invested at 9% interest compounded 3 times a year? Round your answer to 2 decimal places.
Answer by josgarithmetic(39621) About Me  (Show Source):
You can put this solution on YOUR website!
9% cut into three periods for the year is 3%.
2=1%2A%281%2B0.03%29%5E%28x%29, in which x is the count of compounding periods; and one year contains 3 such periods. (Each period is about 4 months.)