How long will it take an investment to double in value if it earns 6\% compounded quarterly? Include accrued interest and round the answer to the nearest month
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Given that the investment earns 6% compounded quarterly, we need to calculate the effective interest rate per quarter. Effective interest rate per quarter = (1 + annual interest rate / number of compounding periods) - 1 Effective interest rate per quarter = (1 + Show more…
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