Question 687527: I would like to double check my answer.
How long will it take $1400 to double at 12% annual interest compounded quarterly?
The answer I get is 5.9 years. I rounded to 5.9 because my calculation came out to 5.862. My practice book gives me the options of 5.9,5.8,4.1,and 4.2.
Am I correct?
Answer by MathTherapy(10552)   (Show Source):
You can put this solution on YOUR website!
I would like to double check my answer.
How long will it take $1400 to double at 12% annual interest compounded quarterly?
The answer I get is 5.9 years. I rounded to 5.9 because my calculation came out to 5.862. My practice book gives me the options of 5.9,5.8,4.1,and 4.2.
Am I correct?
Yes, you are!! Good job!!
|
|
|
