SOLUTION: In how many years will it take for money at least quadruple at 12% compounded semi-annually? Round UP your answer for n to the next whole number then convert to years to one decim

Question 711074: In how many years will it take for money at least quadruple at 12% compounded semi-annually?
Round UP your answer for n to the next whole number then convert to years to one decimal place.
Answer by lwsshak3(11628) (Show Source): You can put this solution on YOUR website!
In how many years will it take for money at least quadruple at 12% compounded semi-annually?
Round UP your answer for n to the next whole number then convert to years to one decimal place.
**
Compound Interest Formula: A=P(1+i)^n, P=initial investment, i=interest rate per period, n=number of periods, A=amt after n periods.
For given problem:
A/P=4
i=.12/2=.06
n=number of compound periods
..
4=(1+.06)^n
4=(1.06)^n
log(4)=nlog(1.06)
n=log(4)/log(1.06)
n≈23.79 compound periods
or
n≈23.79/2≈11.9 yrs
RELATED QUESTIONS
How many years, to the nearest year, will it take money to quadruple if it is invested at (answered by Fombitz,solver91311)

John invests $27,500 at 4.75% interest compounded semi-annually. How many years will it... (answered by jsmallt9)

1. How long will it take for an investment of $25,000 to double at an interest rate of 4% (answered by Fombitz)

how long would it take for an initial investment to quadruple at 6% compounded annually (answered by Alan3354)

How long will it take $1500 to double it it was invested at 7% interest compounded semi... (answered by Cromlix)

If I invest $150.00 in an account for ten years at a 6% interest rate compounded... (answered by solver91311)

If $250.00 is invested at 5% compounded annually, how many years will it take until your... (answered by ewatrrr)

for the following exercise, use the compound interest formula, A(t) = P(1+(r/n))^nt... (answered by josmiceli)

Please help me solve this word problem: in 1991, the average cost of attending a... (answered by Boreal,Theo)