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

13.949 years

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