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Find out how long it takes a $2900 investment to double if it is invested at 9% compounded quarterly. Round to the nearest tenth of a year.

Respuesta :

madethisfortwitch1

Answer:

7.8 years

Step-by-step explanation:

Formula

[tex]PV(1+\frac{i}{n})^{nt}[/tex]

we have

[tex]2900(1+\frac{.09}{4})^{4t}=5800\\1.0225^{4t}=2\\4t=log_{1.0225}2\\4t=31.1518\\t=7.787957[/tex]

Which rounds to

7.8

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