SOLUTION: The Davis national bank pay 6% compounded quarterly how long will it take for a deposit to triple in value

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Question 1128877: The Davis national bank pay 6% compounded quarterly how long will it take for a deposit to triple in value
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
+A+=+P%2A%28+1+%2B+r%2Fn+%29%5E%28n%2At%29+
+A+=+3P+
+r+=+.06+
+n+=+4+
-------------------
+3P+=+P%2A%28+1+%2B+%28+.06%2F4+%29+%29%5E%284%2At%29+
+3P+=+P%2A1.015%5E%28+4t+%29+
+3+=+1.015%5E%28+4t+%29+
Take the log of both sides
+log%283%29+=+4t%2Alog%28+1.015+%29+
+.4771+=+4t%2A.006466+
+.4771+=+.02586t+
+t+=+18.4464+ yrs
This is 18 yrs 5 months 11 days approx
-----------------------------
check:
+3+=+1.015%5E%28+4%2A18.4464+%29+
+3+=+1.015%5E73.7856+
+3+=+2.9998+
close enough -error due to rounding off