document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=716511>Question 716511</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Consider a $100 investment earning 12% compounded quarterly.  How long will it take to triple your money? Round your answer to the nearest tenth of a year. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #439885 by </B><A HREF=/tutors/aboutme.mpl?userid=DrBeeee><B>DrBeeee(684)</B></A><img src=\"/images/stars/stars-11.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=DrBeeee><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=439885\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Basic equation is<BR>\n" );
document.write( "(1) B = P*(1 + 0.12/4)^(4*t)<BR>\n" );
document.write( "Since you want to triple P = $100, you want<BR>\n" );
document.write( "(2) (1.03)^(4*t) = 3<BR>\n" );
document.write( "Take the ln of each side and get<BR>\n" );
document.write( "(3) (4*t)*(ln(1.03) = ln(3) or<BR>\n" );
document.write( "(4) 4*t = ln(3)/ln(1.03) or<BR>\n" );
document.write( "(5) 4*t = 37.16701 or<BR>\n" );
document.write( "(6) t = 9.29175<BR>\n" );
document.write( "Answer: It will take 9.3 years to triple your investment. </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );