A sum of money is invested at 12% compounded quarterly. About how long will it take for the amount of money to double?
Compound interest formula: V(t)=P(1+r/n)nt
t = years since initial deposit
n = number of times compounded per year
r= annual interest rate (as a decimal)
p = initial (principal) investment
V(t)= value of investment after t years

5.9 years
6.1 years
23.4 years
24.5 years