anonymous
  • anonymous
A college studen invests $11,000 in an account paying 8% per year compounded annually. In how many years will the amount quadruple?
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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chestercat
  • chestercat
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anonymous
  • anonymous
11,000(1+.08)^t = 33,000 solve for t
anonymous
  • anonymous
I don't understand how to solve for t when it's up in a power?
anonymous
  • anonymous
5 years

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anonymous
  • anonymous
I got 14 years...
anonymous
  • anonymous
how?
anonymous
  • anonymous
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
anonymous
  • anonymous
Aha I might be wrong but I got 7.53 years.
anonymous
  • anonymous
How'd you get 7.53?!

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