SOLUTION: Please help me solve this problem:
Using the formula for compound interest, A=P(1+i)^n , how long would it take an investment of $10,000, at an annual interest rate of 7% per ye
Algebra.Com
Question 1026215: Please help me solve this problem:
Using the formula for compound interest, A=P(1+i)^n , how long would it take an investment of $10,000, at an annual interest rate of 7% per year, compounded quarterly, to triple?
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
The amount of the original investment is immaterial. For a given annual interest rate and compounding frequency, it takes just as long for 10 cents to triple as it does $10K. That's because, in order for the investment to triple, 
^n)
7% per annum is 1.75% per quarterly compounding period, so
^n\ =\ 3)
^n\ =\ \log(3))
\ =\ \log(3))
}{\log(1.0175)})
The rest is just calculator work. Remember, 
is the number of compounding periods it takes for the investment to triple, so divide by 4 to get the number of years. Round up.
John
My calculator said it, I believe it, that settles it
RELATED QUESTIONS
Compound Interest formula:
A= P(1+(r/n))^nt
I have to use this formula to answer this (answered by Theo)
Can someone help me with this word problem please..
Using the compound interest formula... (answered by stanbon)
Please help me solve this word problem: at an interest rate of 8%, compounded annually,... (answered by ewatrrr)
Can you help me with this question please?
How many years will it take $5000 to grow... (answered by jim_thompson5910)
Please help me solve this word problem: Formulas: y=be^rt; A=P(1+(r/n)^nt
George has... (answered by Theo)
Can you please help me solve this?: The compound interest formula is given by... (answered by MathTherapy,nerdybill)
Please help me with this word problem:
Use the compound interest formula A=P(1 + r/n)^nt (answered by mananth)
Hi, I need some help. I am required to show my work, and I have NO idea how to obtain an... (answered by unlockmath)
I need help because i am doing this w/o my book. Please and thank you. the question... (answered by rapaljer)