What is the rate on an investment that doubles $5051 in 9 years? assume interest is compounded quarterly.

The rate at which the investment gets double is 7.776

Step-by-step explanation:

Given as :

The principal investment = $ 5051

The time period of investment = 9 years

Let The rate of interest = R % compounded quarterly

The Amount gets double

So,  From Compounded method

Amount = Principal ×

Or, 2 × P = P  × ( 1 +

Or, 2 =  ( 1 +

Or, = 1 +

or, 1.01944 - 1 =  

or, 0.01944 =  

∴ R = 0.01944 × 400 = 7.776

Hence The rate at which the investment gets double is 7.776   Answer

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