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.

asked Dec 12, 2022 223k views

1 vote

by Canor

7.5k points

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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

Saquintes answered Dec 18, 2022

6.0k points

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