SOLUTION: Suppose you invest your money into an account that pays 5.4% per year compounded quarterly. How long (in years) will it take for your money to triple?

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 Click here to see ALL problems on Money Word Problems Question 220671: Suppose you invest your money into an account that pays 5.4% per year compounded quarterly. How long (in years) will it take for your money to triple?Answer by stanbon(57361)   (Show Source): You can put this solution on YOUR website!Suppose you invest your money into an account that pays 5.4% per year compounded quarterly. How long (in years) will it take for your money to triple? ----- Let "P" be the amount you invest. -------- Equation: 3P = P(1 + (0.054/4))^(4t) 3 = (1.0135)^(4t) Take the log: 4tlog(1.0135) = 3 4t = [log3/log1.0135] 4t = 81.93 t = 20.48 --- The money should triple in the 21st year. ============================================== Cheers, Stan H.