SOLUTION: How long will it take $500 to double if it is invested at 8% compounded quarterly? I don't know which equation to use. If I use the standard equation: $1000=$500 (1 + .08/4) 4

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Question 819019: How long will it take $500 to double if it is invested at 8% compounded quarterly? I don't know which equation to use. If I use the standard equation:
$1000=$500 (1 + .08/4) 4
1000=500 (1.0200)
500 (1.0824)= $541.20
would I take $541.20 divided by $1000?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi

 In General A+=+P%281%2Br%2Fn%29%5E%28nt%29

A = Accumulated Amount 1000

P= principal = 500

r= annual rate = .08

n= periods per year = 4 

t= years =  t

2+=+%281%2B.08%2F2%29%5E%284t%29

2+=+%281.04%29%5E%284t%29

+log+2%2F%284log%281.04%29%29+=+t