At 3.36 percent interest, how long does it take (in years) to quadruple your money? Answer...

Question

Question

At 3.36 percent interest, how long does it take (in years) to quadruple your money? Answer to two decimals.

Answer 1

Answer #1

Let X be the amount invested ie; present value

Future value = Present value * (1+ rate per period)^ no. of periods

4X =X*1.0336^n

1.0336^n = 4

n = log 4 / log 1.0336

= 0.60205999132/0.01435250065

= 41.9480901623

= 41.95 years

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Answer 2

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