Question

A $1000 investment earns interest at 4% per year, compound quarterly. How long will it take to double the value of the investment

Answer 1

answer:

If the interest per quarter is 4% (but interest is only compounded annually), then it will take (72 / 4) = 18 quarters or 4.5 years to double the principal. If the population of a nation increases at the rate of 1% per month, it will double in 72 months, or six years.

explanation : hope it works