Question
In: Finance
I want to quadruple my money in 10 years. If I earn 4.427% eachquarter, how...
I want to quadruple my money in 10 years. If I earn 4.427% each quarter, how many years will it take for me to achieve that objective?
Solutions
Expert Solution
let the Present Value be X
Future Value be 4X
Future Value = Present Value * (1+r)^n
r = 0.04427
4X = X * (1+0.04427)^n
(1+0.04427)^n = 4X / X
(1+0.04427)^n = 4
Logging both sides
n * log 1.04427 = log 4
n * 0.01881280168 = 0.60205999132
n = 0.60205999132 / 0.01881280168
n = 32 quarters
No of years = 32 Quarters / 4 = 8 years
jeff jeffy answered 2 years agoRelated Solutions
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