SOLUTION: Randy has invested $2400 in a savings account which pays annual interest at 4.03% compounded quarterly. How long will it take for the account to double in value?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Randy has invested $2400 in a savings account which pays annual interest at 4.03% compounded quarterly. How long will it take for the account to double in value?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 945255: Randy has invested $2400 in a savings account which pays annual interest at 4.03% compounded quarterly. How long will it take for the account to double in value?
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
4800=2400%281%2B4.03%2F%284%2A100%29%29%5En
2=%281.010075%29%5En
n=log%28%282%29%29%2Flog%28%281.010075%29%29
n=69.14 quarters
Let's round up to
n=70