You deposit $1000 in an account that pays 6% annual interest. Find how long it will take for the amount to double if the interest is compounded quarterly.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 67SE: Alyssa opened a retirement account with 7.25 APRin the year 2000. Her initial deposit was 13,500....
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You deposit $1000 in an account that pays 6% annual interest. Find how long it will take for the
amount to double if the interest is compounded quarterly.
Transcribed Image Text:You deposit $1000 in an account that pays 6% annual interest. Find how long it will take for the amount to double if the interest is compounded quarterly.
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