Use the Formula to Find the Doubling Time T

question 40

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 $1300 at interest rate 12% compounded quarterly. How long will it take for your investment to double?

• A) 3.06 years
• B) 1.95 years
• C) 11.72 years
• D) 0.76 years
• E) 5.86 years

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