Mathematics, 12.07.2021 22:10 sheena33
Find the time required for an investment to double in value if invested in an account paying 3% compounded quarterly.
Answers: 3
compounded quarterly 
is the Principal and A is the amount after certain time period.![\Rightarrow A=P[1+r\%]^t](/tpl/images/1392/9365/1c473.png)
![\Rightarrow 2P=P[1+0.12]^t\\\Rightarrow 2=(1.12)^t\\\\\Rightarrow t=\dfrac{\ln (2)}{\ln (1.12)}\\\\\Rightarrow t=6.116\approx 6.12\ \text{years}](/tpl/images/1392/9365/a1497.png)
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