Solve.
-Find out how long it takes a $\$ 3000$ investment to double if it is invested at $8 \%$ compounded quarterly. Round to the nearest tenth of a year. Use the formula $A = P \left( 1 + \frac { r } { n } \right) ^ { n t }$.
A) $9.2$ years
B) $8.6$ years
C) 9 years
D) $8.8$ years

Question

Quizplus · Accepted Answer

Using the formula $A = P \left( 1 + \frac { r } { n } \right) ^ { n t }$, where $A = 6000$, $P = 3000$, $r = 0.08$, and $n = 4$, solve for $t$. The calculation gives approximately $8.8$ years.

Solve -Find Out How Long It Takes A $3000\$ 3000$3000 Investment to Double If It Is Invested At

Solve
-Find Out How Long It Takes A $\$ 3000$ Investment to Double If It Is Invested At