Solving

for n with non-annual

periods)

Approximately how many years would it take for an investment to grow

fourfold

if it were invested at

12

percent compounded

monthly?

Assume that you invest

$1

today.

Question content area bottom

Part 1

If you invest

$1

at

12

percent compounded

monthly,

about how many years would it take for your investment to grow

fourfold

to

$4?

(Hint:

Remember to convert your calculator solution to years.)