Suppose you deposit $1,000 into an account which pays 4 annual inte.pdf

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Suppose you deposit $1,000 into an account which pays 4% annual interest, compounded quarterly. Approximately how long will it take for the amount of money in the account to double? Please show all steps involved! Solution so 2000 = 1000 * (1 + 4%/4)^4t 2 = 1.01^4t t = 17.42 years.

Suppose you deposit $1,000 into an account which pays 4% annual interest, compounded
quarterly.
Approximately how long will it take for the amount of money in the account to double?
Please show all steps involved!
Solution
so
2000 = 1000 * (1 + 4%/4)^4t
2 = 1.01^4t
t = 17.42 years

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1. Suppose you deposit $1,000 into an account which pays 4% annual interest, compounded quarterly. Approximately how long will it take for the amount of money in the account to double? Please show all steps involved! Solution so 2000 = 1000 * (1 + 4%/4)^4t 2 = 1.01^4t t = 17.42 years