SOLUTION: Please help me solve this: how long will it take your money to grow from $150 to $200 when it is invested at 3% compounded quarterly? I've gotten as far as {{{ 200/150=(1+0.03/

Question 920671: Please help me solve this: how long will it take your money to grow from $150 to $200 when it is invested at 3% compounded quarterly?
I've gotten as far as thank you
Found 2 solutions by josgarithmetic, KMST:
Answer by josgarithmetic(39620) (Show Source): You can put this solution on YOUR website!
A, amount; p, principal, t, how many time compounding periods to reach A.

; this is what you are trying to express.
Note that the quarterly interest rate is one fourth of the yearly rate, and the
number of compounding periods is .

Sovle for t, and then substitute A=200 and p=150.

Some of the algebraic steps:

You can choose any logarithm base desired.

TIME PERIODS:
which is 9.625 years, but in strict amount of quarter periods of the year, years.

Answer by KMST(5328) (Show Source): You can put this solution on YOUR website!
where = number of years

(rounded)
It should take a little longer, because over 9.5 years,
That is quarters, the $150 would grow to
(rounded).
Then to earn the remaining $0.75, at 3% you would need years,
with
(rounded),
for a total of years.
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