document.write( "Question 740866: At 4.75 percent interest, how long does it take to quadruple your money?
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Algebra.Com's Answer #852663 by ikleyn(53427) $\"\"$ $\"About$

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\n" ); document.write( "At 4.75 percent interest, how long does it take to quadruple your money?
\n" ); document.write( "At 4.75 percent interest, how long does it take to double your money?
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document.write( "Let M be the original amount deposited in the bank at 4.75% of simple annual interest.\r\n" );
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document.write( "To answer first question, write a standard equation for the future value of simple interest.\r\n" );
document.write( "Keep in mind that future value in this case is 4M, the quadrupled initial amount.\r\n" );
document.write( "Your equation is\r\n" );
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document.write( "    4M = M*(1+0.0475*t),\r\n" );
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document.write( "where 't' is the time in years.\r\n" );
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document.write( "In the equation, reduce the common factor M in both sides\r\n" );
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document.write( "    4 = 1 + 0.0475t,\r\n" );
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document.write( "    4-1 = 0.0475t,\r\n" );
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document.write( "     3  = 0.0475t,\r\n" );
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document.write( "     t = 3/0.0475 = 63.158 years,  or 63 years and 58 days, approximately.\r\n" );
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document.write( "It is the answer for the first question.\r\n" );
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document.write( "To answer the second question, make similar calculations.\r\n" );
document.write( "Keep in mind that future value in this case is 2M, the doubled initial amount.\r\n" );
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document.write( "    2M = M*(1+0.0475t),\r\n" );
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document.write( "    2  =   1 + 0.0475t\r\n" );
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document.write( "    2-1 = 0.0475t\r\n" );
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document.write( "      1 = 0.0475t\r\n" );
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document.write( "      t = 1/0.0475 = 21.053 years,  or 21 years and 19 days, approximately.\r\n" );
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document.write( "It is the answer to your second question.\r\n" );
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