SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (2024)

Question 372469: how long will it take $500 to double it it is invested at 12% compounded quarterly?
Answer by jim_thompson5910(35256)SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (1)SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (2)SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (3) (Show Source):

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SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (4) Start with the compound interest formula

SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (5) Plug in SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (6) (double the initial investment of $500), SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (7), SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (8) (the decimal equivalent of 12%), and SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (9).

SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (10) Evaluate SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (11) to get SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (12)

SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (13) Add SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (14) to SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (15) to get SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (16)

SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (17) Divide both sides by SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (18).

See Also
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SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (19) Evaluate SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (20) to get SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (21).

SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (22) Take the natural log of both sides.

SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (23) Pull down the exponent using the identity SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (24).

SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (25) Divide both sides by SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (26).

SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (27) Evaluate the natural log of SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (28) to get SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (29).

SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (30) Evaluate the natural log of SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (31) to get SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (32).

SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (33) Divide.

SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (34) Divide both sides by 4 to isolate "t".

SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (35) Divide.

SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (36) Rearrange the equation.

SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (37) Round to the nearest whole number (ie to the nearest whole year).

So it will take about 6 years for the investment to double.

If you need more help, email me at jim_thompson5910@hotmail.com

Also, feel free to check out my tutoring website

Jim


SOLUTION: how long will it take $500 to double it it is invested at 12% compounded quarterly? (2024)
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