How Long Does It Take for an Amount of Money

question 173

Short Answer

How long does it take for an amount of money P to double itself if it is invested at 9% interest compounded 4 times a year? Round your answer to two decimal places. __________ years

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Definitions:

Journal

A detailed record where all financial transactions of a business are initially recorded.

Chronological Record

A record of events or transactions organized in the order they occurred over time.

Transactions

The exchange or transfer of goods, services, or funds between two or more parties.

Chart Of Accounts

A list of accounts and the account numbers that identify their location in the ledger.