Question
You have $2500 to invest at 6% interest compounded quarterly. For how many years will the money need to be invested for that amount to triple?
correct answer is in decimal form rounded to the nearest half year
correct answer is in decimal form rounded to the nearest half year
Answers
Damon
.06/4 = .015
1.015^(n) = 3
n log 1.015 = log 3
n = 73.8 quarterly periods
n/4 = 18.4 or 18 1/2 years
1.015^(n) = 3
n log 1.015 = log 3
n = 73.8 quarterly periods
n/4 = 18.4 or 18 1/2 years