evancwood1112 evancwood1112

20-05-2022
Mathematics

contestada

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

Respuesta :

jsimpson11000 jsimpson11000

23-05-2022

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

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