SOLUTION: How long does it take $1175 to double if it is invested at 6% interest rate compounded quarterly?

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Question 616085: How long does it take $1175 to double if it is invested at 6% interest rate compounded quarterly?
Answer by unlockmath(1688) About Me  (Show Source):
You can put this solution on YOUR website!
Hello,
We need to use the following formula:
A=P(1+r/n)^nt
Now plug in the values:
2350=1175(1+.06/4)^4t (t represents the time)
Divide 1175 to get:
2=(1+.015)^4t
Use log:
log 2= 4t log 1.015
Divide by 4 log 1.015 to get:
Log 2/4 log 1.015 = t
Solve:
t= 11.6 years (approx)
Make sense?
RJ
www.math-unlcok.com