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Leni opened a savings account that pays 0.8% interest, compounded quarterly. Her initial deposit was $50. How long would she have to leave the money in the account for it to double?

Respuesta :

The number of years it would take the money to double is 86.6 years.

What is the time it would take the deposit to double in value?

Number of years =  (In fv / pv) / r

Where:

  • FV = future value
  • PV = present value
  • r = interest rate
  • FV / PV = 2

IN 2 / 0.008 = 86.6 years

To learn more about how to determine the number of years, please check: https://brainly.com/question/21841217

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