SOLUTION: Sally invested $2,300 in a bond that pays 14% interest every two years. How long will it take for her investment to triple?
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Question 1109447: Sally invested $2,300 in a bond that pays 14% interest every two years. How long will it take for her investment to triple?
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
y = 2,300(1+0.14)^(x/2)
for it to triple:
3 = 1.14^x/2
log_1.14(3) = x/2
(log(3))/(log(1.14))= x/2
0.477/0.057 = x/2
8.37(2) = x
x = 16.74 years
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