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Find out how long it takes a $2900 investment to double if it is invested at 9% compounded quarterly. Round to the nearest tenth of a year.
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Find out how long it takes a $2900 investment to double if it is invested at 9% compounded quarterly. Round to the nearest tenth of a year.

User Canor
by
8.6k points

1 Answer

7 votes

Answer:

7.8 years

Explanation:

Formula


PV(1+(i)/(n))^(nt)

we have


2900(1+(.09)/(4))^(4t)=5800\\1.0225^(4t)=2\\4t=log_(1.0225)2\\4t=31.1518\\t=7.787957

Which rounds to

7.8

User Saquintes
by
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