Use the Formula to Find the Doubling Time T

question 36

Multiple Choice

Use the formula to find the doubling time t, in years, for an investment at r% compounded n times per year. Suppose you make an investment of $1,300 at interest rate 11% compounded quarterly. How long will it take for your investment to double? Round your answer to two decimal places. ​

• A) 2.13 years
• B) 12.78 years
• C) 3.19 years
• D) 3.32 years
• E) 6.39 years

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