How many years will be required for a sum of money to double, if the annual interest rate is 10%, compounded quarterly? (correct answer: 5.66)

Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)
5th Edition
ISBN:9781305084766
Author:Saeed Moaveni
Publisher:Saeed Moaveni
Chapter20: Engineering Economics
Section: Chapter Questions
Problem 21P
icon
Related questions
Question

How many years will be required for a sum of money to double, if the annual interest rate is 10%, compounded quarterly? (correct answer: 5.66)

Expert Solution
steps

Step by step

Solved in 3 steps with 1 images

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Engineering Fundamentals: An Introduction to Engi…
Engineering Fundamentals: An Introduction to Engi…
Civil Engineering
ISBN:
9781305084766
Author:
Saeed Moaveni
Publisher:
Cengage Learning