How long will it take money to quadruple if it is invested a

How long will it take money to quadruple if it is invested at 8% compounded quarterly? 7.1% compounded continuously? It will take about years at 8% compounded quarterly Round to two decimal places as needed.)

Solution

Since number of semiannual in a year = 2

So, number of periods, n = number of semiannual in 10 years = 2*10 = 20

Since compounded annual rate = 7%

semiannual rate = 7 / 2 = 3.5%

rate per period ,i = 3.5 / 100 = 0.035