SOLUTION: how long does it take $1125 to triple if it is invested at 7% interest, compounded quarterly? round yor answer to the nearest tenth
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Question 471716: how long does it take $1125 to triple if it is invested at 7% interest, compounded quarterly? round yor answer to the nearest tenth Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! how long does it take $1125 to triple if it is invested at 7% interest, compounded quarterly? round yor answer to the nearest tenth
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Equation:
3*1125 = 1125(1+(0.07/4))^(4*t)
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0.0175^(4t) = 3
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(4t)log(1.0175) = log(3)
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4t = 40
t = 10 years
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Cheers,
Stan H.
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