how many years, to the nearest year, will it take money to quadruple if it is invested at 6% compounded annually?

Jaylen Dudley

Jaylen Dudley

Answered question

2022-09-04

how many years, to the nearest year, will it take money to quadruple if it is invested at 6% compounded annually?

Answer & Explanation

Penelope Powers

Penelope Powers

Beginner2022-09-05Added 12 answers

4x = x * ( 1 + (6/100))^ n
1.06^n = 4
n = ln 4 / ln 1.06
= 23.79 years
= 24 years

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