Question 969267: If you have $5,000, how long does it take to quadruple your money if you can invest it at 6% compounded daily? Answer by Alan3354(69443) (Show Source):
You can put this solution on YOUR website! If you have $5,000, how long does it take to quadruple your money if you can invest it at 6% compounded daily?
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Using 365 days per year:
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FV = PV*(1 + 0.06/365)^d (d = # of days)
FV = 4*PV
(1 + 0.06/365)^d = 4
d*log(1 + 0.06/365)) = log(4)
d = 8434 days
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=~ 23.107 years
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The amount is not relevant. Any amount will be 4x.
