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March 24, 2017

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$1 is invested into an account that has a APR of 8% compounded quarterly. How long will it take for my money to double? To triple?

  • Pre Calc - ,

    for doubling

    1(1.02)^n = 2 , where n is in quarter years..
    take log of both sides

    log (1.02)^n = log2
    n log 1.02 = log 2
    n = log 2/log 1.02 = appr 35 quarters
    or 8.75 years

    you try the tripling part.

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