If the interest earned by a cd is compounded quarterly which rule is most accurate when calculating how long it will take the money invested in the cd to double

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Question:

If the interest earned by a cd is compounded quarterly which rule is most accurate when calculating how long it will take the money invested in the cd to double

Answer:

If the interest earned by a cd is compounded quarterly and the money invested is doubled after a certain time. So, we are given an interest rate, an initial amount and a final amount. 

First, convert the interest rate to per yer compounded yearly. Next, use this formula to solve for the number of years to double the amount:

F = P (1+i)^n

From the answer and question examples above, hopefully, they could simply help the student handle the question they had been looking for and take note of every detail declared in the answer above. You could certainly then have a discussion with your classmate and continue the school learning by studying the topic alongside one another.

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