Compound interest help.

The stevens put 8500 into an investment plan paying 8.5% annual interest, compounded quarterly. How long will it take the money to double in value?

I got the answer 8.2410? how do i label it.

And my teacher said that if its 8.2537 it would be 8 years and 6 months? How do i figure out the months?

Question

Compound interest help.

The stevens put 8500 into an investment plan paying 8.5% annual interest, compounded quarterly. How long will it take the money to double in value?

I got the answer 8.2410? how do i label it. 

And my teacher said that if its 8.2537 it would be 8 years and 6 months? How do i figure out the months?

anonymous · Answer

She said 8.2410 is equivalent to 8 years and 3 months

anonymous · Answer

@perl

anonymous · Answer

Because the word problem is compunded quarterly?? Can someone explain how and why