At 11 percent interest, how long would it take to quadruple your money? 13.09 years 6.64...

Question

Question

At 11 percent interest, how long would it take to quadruple your money?

Answer 1

Answer #1

Solution:

Suppose you have $100 to invest it today at the rate of 11% per annum compounded quarterly. Then:

4 Amount Outstanding Interest Earned Amount Outstanding Year Interest ® 11% at the beginning During the Year at the end 1 100

= 11.67198374

Part of 14^th year required to earn this year = 11.67198374/Interest Earned in 14^th year

= 11.67198374/42.71608179

= 0.27325

Total duration required to quadruple the money under current situation = 13 years + 0.27325 year i.e., 13.27325 year.

Our answer is closest to option C. Hence, C is the correct choice.

Answer 2

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