Question 1005326: A principal earns 8.5% per year simple interest. How long will it take for the future value to quadruple?
t = years Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! P=Po{1+0.085}^t
P/Po=4
4=(1.085)^t
ln both sides
1.3863=t ln (1.085)
Without rounding, solve by dividing 1.3863/ln(1.085)
t=17 years (16.993)
