Asked by Anthony

How long would it take from 3000 to get to 8000 at 8% interest at compounded quarterly?
Answered by Reiny
3000(1.02)^n = 8000 , where n is the number of quarter years

1.02^n = 8/3
take log of both sides
log 1.02^n = log (8/3)
using log rules ...

n log1.02 = log8 - log3
n = (log8 - log3)/log1.02 = 49.53

it will take appr 49.53 quarter years or

12.4 years
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