Question 844015: How long will it take to triple your money if, you invested it at a 8% compounded quarterly.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! How long will it take to triple your money if, you invested it at a 8% compounded quarterly.
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Solve for "t":
(1+(r/n))^(nt) = 3
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(1+(0.08/4))^(4t) = 3
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1.02^(4t) = 3
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(4t)log(1.02) = log(3)
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4t = log(3)/log(1.02) = 55.478
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t = 13.87 years
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Cheers,
Stan H.
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