If you deposit $450 into an account paying 17% interest compounded quarterly, how many years will it take for the original investment to triple? Round your answer to the nearest tenth of a year.

Question

Use this formula for problem.

3379 views around the world

You can reuse this answer
Creative Commons License

Answer 1 · 2018-05-05T05:17:24

#t approx 6.6 # years

#A=P(1+r/n)^{nt}#

#A/P = (1+r/n)^{nt}#

#ln(A/P) = ntln(1+r/n)#

#t = {\ln(A/P)} /{ n ln(1+r/n)} #

#t = ln 3 / (4 ln(1+.17/4) ) approx 6.59880 # years

Check:

#(1+.17/4)^{4 (6.5988)} approx 3.0000 quad sqrt#