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A college studen invests $11,000 in an account paying 8% per year compounded annually. In how many years will the amount quadruple?
 2 years ago
 2 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?
 2 years ago
 2 years ago

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101Ryan101Best ResponseYou've already chosen the best response.0
11,000(1+.08)^t = 33,000 solve for t
 2 years ago

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

PoffdiddyBest ResponseYou've already chosen the best response.1
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
 2 years ago

JMonsturBest ResponseYou've already chosen the best response.0
Aha I might be wrong but I got 7.53 years.
 2 years ago
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