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

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

User Oybek
by
7.4k points

1 Answer

7 votes
2=(1+0.12/4)^4t
Solve for t
t=5.9 years
User Transient Closure
by
8.0k points
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