SOLUTION: Please help never understood how to do these problems. Thanks in advance If you put 2000 an interest bearing account is compounded quarterly(4 times a year)at 6%, how long will

Question 1035884: Please help never understood how to do these problems. Thanks in advance
If you put 2000 an interest bearing account is compounded quarterly(4 times a year)at 6%, how long will it take for your money to triple?
Found 2 solutions by stanbon, josmiceli:
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
If you put 2000 an interest bearing account is compounded quarterly(4 times a year)at 6%, how long will it take for your money to triple?
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A(t) = P(1+(r/n))^(n*t)
3*2000 = 2000(1+(0.06/4))^(4*t)
----------------------
Solve:
(1+(0.06/4))^(4t) = 3
--------
4t*log(1.015) = log(3)
------
4t = 73.79
time = 18.45 years
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Cheers,
Stan H.
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Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
you just have to plug the right numbers into
the formula. Sometimes you have to do a
conversion to logs base 10 to get answer.
( I can never remember formula -I keep
it handy for problems )
--------------------------------

original investment
compounding 4 times a year
6% interest rate
--------------------------------
If you want to triple your original investment,
just say , or in this case:

Find , number of years you leave the money in
------------------

Take the log base 10 of both sides

It will take 18 years and 6 months
-----------------------------
check:

close enough
Hope this helps
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