Question

If you invest $10,000 at an annual rate of 5% compounded quarterly, how long will it take to double your money?

Answer 1

Answer:

13.949 years

Step-by-step explanation:

Quarterly interest in decimal form = .05/4 = .0125

   2   would be double    n =periods   ( periods/4 = year)

           2 = (1+.0125)^n      solve for n = 55.79 peiods   =13.949 years