document.write( "Question 1128877: The Davis national bank pay 6% compounded quarterly how long will it take for a deposit to triple in value \n" ); document.write( "

Algebra.Com's Answer #745423 by josmiceli(19441) $\"\"$ $\"About$

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$\"+A+=+P%2A%28+1+%2B+r%2Fn+%29%5E%28n%2At%29+\"$
\n" ); document.write( " $\"+A+=+3P+\"$
\n" ); document.write( " $\"+r+=+.06+\"$
\n" ); document.write( " $\"+n+=+4+\"$
\n" ); document.write( "-------------------
\n" ); document.write( " $\"+3P+=+P%2A%28+1+%2B+%28+.06%2F4+%29+%29%5E%284%2At%29+\"$
\n" ); document.write( " $\"+3P+=+P%2A1.015%5E%28+4t+%29+\"$
\n" ); document.write( " $\"+3+=+1.015%5E%28+4t+%29+\"$
\n" ); document.write( "Take the log of both sides
\n" ); document.write( " $\"+log%283%29+=+4t%2Alog%28+1.015+%29+\"$
\n" ); document.write( " $\"+.4771+=+4t%2A.006466+\"$
\n" ); document.write( " $\"+.4771+=+.02586t+\"$
\n" ); document.write( " $\"+t+=+18.4464+\"$ yrs
\n" ); document.write( "This is 18 yrs 5 months 11 days approx
\n" ); document.write( "-----------------------------
\n" ); document.write( "check:
\n" ); document.write( " $\"+3+=+1.015%5E%28+4%2A18.4464+%29+\"$
\n" ); document.write( " $\"+3+=+1.015%5E73.7856+\"$
\n" ); document.write( " $\"+3+=+2.9998+\"$
\n" ); document.write( "close enough -error due to rounding off\r
\n" ); document.write( "\n" ); document.write( " \n" ); document.write( "

\n" );