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?


Yes, you are!! Good job!!