SOLUTION: How long will it take a sum of money to increase threefold if it's invested at 13% compounded quarterly. Round to 2 decimal places.

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Question 1153871: How long will it take a sum of money to increase threefold if it's invested at 13% compounded quarterly. Round to 2 decimal places.
Found 2 solutions by josmiceli, ikleyn:
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
+3A+=+A%2A%28+1+%2B+.13%2F4+%29%5E%28+4t+%29+
+3+=+1.0325%5E%28+4t+%29+
Take the log of both sides
+log%28+3+%29+=+4t%2Alog%28+1.0325+%29+
+.47712+=+4t%2A.01389+
+.47712+=+.05556t+
+t+=+8.58747+
8.59 yrs
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Get a 2nd opinion if needed

Answer by ikleyn(52781) About Me  (Show Source):
You can put this solution on YOUR website!
.

Hey,

you posted several similar problems, and in each and every formulation you make THE SAME MISTAKE.

In this problem, the time is measured in terms of quarters.

Therefore, the time should be found/evaluated first as a real number from the solution of exponential equation,

but AFTER THAT, it MUST BE rounded to the nearest largest number of quarters.

Without it, the question MAKES no SENSE. The request to round the time to two decimal places makes no sense !

It is clear to me as 2x2 = 4 that these problems come not from a textbook --- it is YOU who creates them.

If you create problems on your own, then at least do it correctly (!)