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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?

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  1. 101Ryan101
    • 4 years ago
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    11,000(1+.08)^t = 33,000 solve for t

  2. Poffdiddy
    • 4 years ago
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    I don't understand how to solve for t when it's up in a power?

  3. spleentiedye
    • 4 years ago
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    5 years

  4. Poffdiddy
    • 4 years ago
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    I got 14 years...

  5. spleentiedye
    • 4 years ago
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    how?

  6. Poffdiddy
    • 4 years ago
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    Well, 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

  7. J-Monstur
    • 4 years ago
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    Aha I might be wrong but I got 7.53 years.

  8. Poffdiddy
    • 4 years ago
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    How'd you get 7.53?!

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