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College algebra

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suppose you invest 2500 and earn 4.2% annual interest, compounded quarterly. how long will it tak for your investment to double?

  • algebra -

    Solve this equation for the number of quarters, n.

    [1 + (0.042/4)]^n = 2

    1.0105^n = 2

    n = 66.36

    That many quarters is 16.58 years

    You will have to wait for the first interest-paying date after 16.5 years.

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