A community for students.
Here's the question you clicked on:
← 55 members online
 0 viewing
Poffdiddy
 4 years ago
A college studen invests $11,000 in an account paying 8% per year compounded annually. In how many years will the amount quadruple?
Poffdiddy
 4 years ago
A college studen invests $11,000 in an account paying 8% per year compounded annually. In how many years will the amount quadruple?

This Question is Closed

101Ryan101
 4 years ago
Best ResponseYou've already chosen the best response.011,000(1+.08)^t = 33,000 solve for t

Poffdiddy
 4 years ago
Best ResponseYou've already chosen the best response.1I don't understand how to solve for t when it's up in a power?

Poffdiddy
 4 years ago
Best ResponseYou've already chosen the best response.1Well, this is what I did. 11000(1.08)^t=33000. 3=(1.08)^t log3=log(1.08) t=log(3)/log(1.08) t=14.274

JMonstur
 4 years ago
Best ResponseYou've already chosen the best response.0Aha I might be wrong but I got 7.53 years.
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.