SOLUTION: please help me solve this:
suppose you won $10,000. You decide to invest it and look around at some options.
1. How long would it take to double your money if it is invested at
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suppose you won $10,000. You decide to invest it and look around at some options.
1. How long would it take to double your money if it is invested at
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Question 745272: please help me solve this:
suppose you won $10,000. You decide to invest it and look around at some options.
1. How long would it take to double your money if it is invested at 6% compounded quarterly?
2. How long would it take to double your money if it is invested at 5% compounded monthly? Answer by Alan3354(69443) (Show Source):
You can put this solution on YOUR website! suppose you won $10,000. You decide to invest it and look around at some options.
1. How long would it take to double your money if it is invested at 6% compounded quarterly?
The amount doesn't matter.
6%/4 = 1.5% per quarter --> 0.-15
20000 = 10000*1.015^t (t in quarters)
1.015^t = 2
t*log(1.105) = log(2)
t = log(2)/log(1.015)
t =~ 46.556 quarters = 11.64 years
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2. How long would it take to double your money if it is invested at 5% compounded monthly?
Do it the same way.
5%/12 = 0.416667/month
