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wlad13 [49]
3 years ago
12

A sum of money is invested at 12% compounded quarterly. About how long will it take for the amount of money to double?

Mathematics
1 answer:
kompoz [17]3 years ago
8 0

Answer:

  5.9 years

Step-by-step explanation:

We believe a better representation of the compound interest formula is ...

  V(t)=P(1+\dfrac{r}{n})^{nt}

We want to find the value of t for P=1 and V(t)=2. We are told n=4, so the formula becomes ...

  2=(1+\dfrac{.12}{4})^{4t}\\\\\log{(2)}=4t\log{(1.03)}\quad\text{take logs}\\\\t=\dfrac{\log{2}}{4\log{1.03}}\approx\boxed{5.9\quad\text{years}}

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