The Number of Quarters Needed to Double an Investment When $\mathrm { n } = \frac { \ln 2 } { \ln 1.01 }$

question 89

Multiple Choice

The number of quarters needed to double an investment when a lump sum is invested at 4%, compounded quarterly, is given b $\mathrm { n } = \frac { \ln 2 } { \ln 1.01 }$ . In how many years will the investment double, to the nearest tenth of a year?

• A) 17.4 yr
• B) 8.7 yr
• C) 34.8 yr
• D) 69.7 yr

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Definitions:

Deposits In Transit

Funds that have been deposited by a company but not yet recorded by the bank, leading to discrepancies in account balances.

Bank Debit Memo

A notice from a bank that decreases a customer's account balance due to charges like fees for service or for issuing a check without sufficient funds.

NSF Check

A check that has not been honored by the bank due to insufficient funds in the account of the issuer.

Journal Entries

A method used to enter an accounting transaction into the general journal, documenting the debit and credit effects on specific accounts.