Question 1112350
1.you deposit $4000 at 7% interest, compounded monthly how many years will it take untill investments exceeds $9000
4000*(1+(0.07/12))^(12t) > 9000
(1.00583)^(12t) > 9000
12t > log9000/log1.00583
12t > 1566.29
time > 130.52 years
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2.you invest your money at 12 % compound interest paid quarterly, when will it double in value ?
2P = P(1+(0.12/4))^(4t)
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1.03^(4t) = 2
4t = log(2)/log(1.03)
4t = 23.45
t = 5.86 years
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Cheers,
Stan H.
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