Math question

Question

how long will it take for your money to double if you invest it in an account that is compounded quarterly at 2.75% interest?

Answer 1

2p = p(1 + 0.0275/4)^4t

2 = (1.006875)^4t

ln 2 = 4t (ln 1.006875)

0.6931 ≈ 4t (0.006851)

101.16 ≈ 4t

25.29 ≈ t