College algebra

posted by .

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.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. maths-- compound interest

    find the compund interest on $2500 for one year at 4% per annum compounded half-yearly. which of these is correct?
  2. math - earn interest

    invest money that pays 6.3% interest/year compounded quarterly. How long should invest if want to double initial investment?
  3. math

    You invest money that pays 6.3% interest/year compounded quarterly. How long should you invest if want to double initial investment?
  4. Algebra

    You invest $5,000 at a 12% annual return that is compounded quarterly. That means that your interest earned is calculated and added to your account 4 times a year. When would your investment double in value?
  5. algebra

    How long will it take $1400 to double at 12% annual interest compounded quarterly?
  6. College Algebra

    Please help me ASAP!!!!!!!!!!!! I did the work on most of these problems but I am still confused please help. 19. Comparing Investments Russ McClelland, who is self-employed, wants to invest $60,000 in a pension plan. One investment …
  7. How long will it take the investment to double?

    $3,600 is invested in an account at an annual interest rate of 4.8% compounded continuously. How long, to the nearest tenth of a year, will it take the investment to double in size?
  8. college algebra

    An investment initially worth $5300 earns 7.7% annual interest, and an investment initially worth $8000 earns 5.6% annual interest, both compounded annually. How long will it take for the smaller investment to catch up with the larger …
  9. Precalc

    suppose you want to invest $60,000 for ten years. You can invest your money in a CD that earns 4% interest, compounded quarterly and has no risk, or you can invest your money in futures that ear 10% interest, compounded quarterly. …
  10. math

    1. You want to invest $10,000 dollars. How long will it take to double your investment at an annual interest rate of 10%, compounded continuously?

More Similar Questions