Determine the time it takes to double an investment in an account that pays interest of 4% per annum, compounded quarterly cant figure out how to solve this...
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One thing to think about is whether the bank would say you have double at 17.4 years or make you wait until the next quarter year ends at 17.5 years. The wikipedia article uses `|__nt__|` , which means round down to the nearest integer, which means that after 17.4 years your investment would only be about 1.98 times the original and you would have to wait another tenth of a year to really double it.
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degeneratecircle
| Certified Educator
calendarEducator since 2012
write290 answers
starTop subject is Math