SOLUTION: Can you help me with this question please? How many years will it take $5000 to grow to $8000 if the investment is at 6.5% and is compounded quarterly? I used the compound i

Question 923482: Can you help me with this question please?
How many years will it take $5000 to grow to $8000 if the investment is at 6.5% and is compounded quarterly?
I used the compound interest formula
A=P(1+(r/n))^(nt)
and got the formula:
8000=5000(1+(.065/3))^3t
but I am not sure how to get the t alone...
could you divide both sides by 5000?
then it would be 8000/5000= (1+(.065/3))^3t
I am not sure...
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
How many years will it take $5000 to grow to $8000 if the investment is at 6.5% and is compounded quarterly?

Apply logs to both sides

Use a calculator. Type in "log(1.6)/(4*log(1.01625))" without quotes

It will take approximately 7.28941768282519 years

Round this up to the nearest whole year to get 8 years.

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Let me know if that helps or not. Thanks.

If you need more help, feel free to email me at jim_thompson5910@hotmail.com

My Website: http://www.freewebs.com/jimthompson5910/home.html

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