SOLUTION: find out how long it take $2500 investment to double if it is invested at 9% compounded quarterly. Round to the nearest tenth of a year. use the formula A=P(1+r/n)^nt

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Question 869033: find out how long it take $2500 investment to double if it is invested at 9% compounded quarterly. Round to the nearest tenth of a year. use the formula
A=P(1+r/n)^nt
Answer by tommyt3rd(5050) About Me  (Show Source):
You can put this solution on YOUR website!
5000=2500(1+0.09/4)^(4*t)
2=(1.0225)^(4t)
ln2=4t*ln1.0225
t=7.8