AnswersEAP-Algebra Functions and Data Analysis BModeling with Exponential and Logarithmic EquationsQuestion 8
8
QuizMultiple Choice
Modeling with Exponential and Logarithmic Equations
Question 8 of 10 • EAP-Algebra Functions and Data Analysis B
A sum of money is invested at 12% compounded quarterly. About how long will it take for the amount of money to double?Compound interest formula:t = years since initial depositn = number of times compounded per yearr = annual interest rate (as a decimal)P = initial (principal) investmentV(t) = value of investment after t years
Answer
A
5.9 yearsB
6.1 yearsC
23.4 yearsD
24.5 years