document.write( "Question 652632: ABC bank is offering to double your money! They say that if you invest with them at 6% interest compounded quarterly they will double your money. If you invest $1500 in the account, how long will it take to double your money? \n" ); document.write( "
Algebra.Com's Answer #408043 by lwsshak3(11628)\"\" \"About 
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ABC bank is offering to double your money! They say that if you invest with them at 6% interest compounded quarterly they will double your money. If you invest $1500 in the account, how long will it take to double your money?
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\n" ); document.write( "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
\n" ); document.write( "For given problem:
\n" ); document.write( "i=.06/4=.015
\n" ); document.write( "P=1500
\n" ); document.write( "A=3000
\n" ); document.write( "A/P=(1+i)^n=2
\n" ); document.write( "(1+i)^n=2
\n" ); document.write( "(1+.015)^n=2
\n" ); document.write( "1.015^n=2
\n" ); document.write( "take log of both sides
\n" ); document.write( "nlog(1.015)=log2
\n" ); document.write( "n=log2/log(1.015
\n" ); document.write( "n≈47 periods or about 12 yrs
\n" ); document.write( "how long will it take to double your money? about 12 yrs
\n" ); document.write( "note: It wasn't necessary to know the initial investment.\r
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