How Long Does It Take for an Amount of Money

question 171

Multiple Choice

How long does it take for an amount of money P to double itself if it is invested at 6% interest compounded 4 times a year?

• A) It will take approximately 11.33 years.
• B) It will take approximately 12.43 years.
• C) It will take approximately 10.49 years.
• D) It will take approximately 1.89 years.
• E) It will take approximately 11.64 years.