SOLUTION: If 400 is deposited at a bank at 10% per annum compounded quarterly, how long will it take the deposit to double in value?

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Question 1163148: If 400 is deposited at a bank at 10% per annum compounded quarterly, how long will it take the deposit to double in value?
Found 4 solutions by solver91311, Edwin McCravy, Alan3354, ikleyn:
Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!




Solve for to obtain the number of years to double at 10% compounded quarterly.


John

My calculator said it, I believe it, that settles it

Answer by Edwin McCravy(20060) About Me  (Show Source):
You can put this solution on YOUR website!
A=P%281%2Br%2Fn%29%5E%28nt%29

800=400%281%2B0.10%2F4%29%5E%284t%29

800%2F400=%281.025%29%5E%284t%29

2=%281.025%29%5E%284t%29

ln%282%29=ln%28%281.025%29%5E%284t%29%29

ln%282%29=4t%2Aln%281.025%29

ln%282%29%2F4ln%281.025%29=4t%2Aln%281.025%29%2F4ln%281.025%29

ln%282%29%2F4ln%281.025%29=t

7.017758631=t

Answer: the first quarter it draws interest after 7 years.

Edwin

Answer by Alan3354(69443) About Me  (Show Source):
You can put this solution on YOUR website!
The amount is not relevant.
-----
Any amount will be doubled in the time shown by the other tutors.

Answer by ikleyn(52817) About Me  (Show Source):
You can put this solution on YOUR website!
.

To see many similar solved problems, look into the lesson
    - Problems on discretely compound accounts
in this site, and learn the subject from there.


After reading this lesson, you will tackle such problems on your own without asking for help from outside.

Also,  you have this free of charge online textbook in ALGEBRA-I in this site
    - ALGEBRA-I - YOUR ONLINE TEXTBOOK.

The referred lesson is the part of this online textbook under the topic "Logarithms".


Save the link to this online textbook together with its description

Free of charge online textbook in ALGEBRA-I
https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson

to your archive and use it when it is needed.


Happy learning (!)