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March 30, 2017

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How long would it take from 3000 to get to 8000 at 8% interest at compounded quarterly?

  • pre calc - ,

    3000(1.02)^n = 8000 , where n is the number of quarter years

    1.02^n = 8/3
    take log of both sides
    log 1.02^n = log (8/3)
    using log rules ...

    n log1.02 = log8 - log3
    n = (log8 - log3)/log1.02 = 49.53

    it will take appr 49.53 quarter years or

    12.4 years

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