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Math Help - Compound interest

  1. #1
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    Compound interest

    Determine the time it takes to double an investment in an account that pays interest of 4% per annum compounded quaterly.....

    so far i am thinking

    2A=A (1+ 0.00013) ^ 4x, but it doesnt work
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  2. #2
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    e^(i*pi)'s Avatar
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    How did you get 0.00013?

    If it's compounded quarterly then you need to divide your 4% annual rate by the number of compounds (4).

    2A = A\left(1+\dfrac{0.04}{4}\right)^{4t}
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