A sum of money is invested at 12% compounded quarterly. About how long will it take for the amount of money to double?Compound interest formula: (image uploaded V(t) )t = years since initial depositn = number of times compounded per yearr = annual interest rate (as a decimal)P = initial (principal) investmentV(t) = value of investment after t yearsA. 5.9 yearsB. 6.1 yearsC. 23.4 yearsD. 24.5 years
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