Answer:
The rate at which the investment gets double is 7.776
Step-by-step explanation:
Given as :
The principal investment = $ 5051
The time period of investment = 9 years
Let The rate of interest = R % compounded quarterly
The Amount gets double
So, <u>From Compounded method</u>
Amount = Principal ×
Or, 2 × P = P × ( 1 + 
Or, 2 = ( 1 +
Or,
= 1 + 
or, 1.01944 - 1 = 
or, 0.01944 = 
∴ R = 0.01944 × 400 = 7.776
Hence The rate at which the investment gets double is 7.776 Answer