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Question #10093

how long will it take for money to double at 4.5% compounded quarterly

Expert's answer

Quarter rate is 1.125%=4.5%/4.

(1+1.125%)^62=2

So it'll take a 62 quarters, or 15.5 years.

(1+1.125%)^62=2

So it'll take a 62 quarters, or 15.5 years.

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