800(1.02)^n = 1600 , where n is the number of quarter years
1.02^n = 2
n log 1.02 = log2
n = log2/log1.02 quarter years = ....
How long it takes $800.00 to double if it is invested at 8% compounded quarterly?
3 answers
It says to use A=P(1+r/n)^nt
And to also round answer to 3 decimal places
And to also round answer to 3 decimal places
Umhh ....
A=P(1+r/n)^nt
1600 = 800(1 + .08/4)^(4(t))
2 = (1.02)^4t
1.02^(4t) = 2 , look at my equation in my first reply.
Do you not have a calculator? Unless you have log tables from a 1980 textbook, you will need one.
A=P(1+r/n)^nt
1600 = 800(1 + .08/4)^(4(t))
2 = (1.02)^4t
1.02^(4t) = 2 , look at my equation in my first reply.
Do you not have a calculator? Unless you have log tables from a 1980 textbook, you will need one.
4 answers