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Math

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if $15,000 is invested at 6%, compounded quarterly, how long will it be before it grows to $25,000?

  • Math - ,

    25000 = 15000(1.015)^n , where n is the number of quarter years
    5/3 = 1.015^n
    log both sides
    log (5/3) = log (1.015^n)
    log5 - log3 = n log 1.015
    n = (log5 - log3)/log 1.015 = appr 34.3 quarters
    or 11.4 years or 137 months

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