Mathematics, 05.05.2020 15:36 itsdria
A sum of money is invested at 12% compounded quarterly. About how long will it take for the amount of money to double?
Compound interest formula: V(t)=P(1+r/n)nt
t = years since initial deposit
n = number of times compounded per year
r= annual interest rate (as a decimal)
p = initial (principal) investment
V(t)= value of investment after t years
5.9 years
6.1 years
23.4 years
24.5 years
Answers: 1
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A sum of money is invested at 12% compounded quarterly. About how long will it take for the amount o...
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