Poffdiddy
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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101Ryan101
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11,000(1+.08)^t = 33,000
solve for t

Poffdiddy
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I don't understand how to solve for t when it's up in a power?

spleentiedye
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5 years

Poffdiddy
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I got 14 years...

spleentiedye
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how?

Poffdiddy
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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

JMonstur
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Aha I might be wrong but I got 7.53 years.

Poffdiddy
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How'd you get 7.53?!