Algebra 2

You have $2500 to invest at 6% interest compounded quarterly. For how many years will the money need to be invested for that amount to triple?
correct answer is in decimal form rounded to the nearest half year

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asked by Page
  1. .06/4 = .015
    1.015^(n) = 3
    n log 1.015 = log 3
    n = 73.8 quarterly periods
    n/4 = 18.4 or 18 1/2 years

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    posted by Damon

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