logmiller12: Steven has $500 to invest. What annual interest rate compounded quarterly is required to double his money in 10 years?
Hi logmiller12,
Let r be the yearly rate and i be the quarterly rate
r=4*i
Let S be the future value
A be the original value
and n be the number of quarterly periods
A=500
S=1000
n=4*10 = 40
S=A(1+i)
n 1000=500(1+i)
40 I then solved for i and then solved for r
Why don't you give it a go now and get back to me with what you have done.
+118653 
