Answer:
Below
Explanation:
For compounding annually , the formula would be
4x = x ( 1+ .1)^n x = deposit amount 4x = quadrupled
i = decimal interest (.10) and n = years
you can divide 'x' out of the equation to get :
4 = (1.1)^n solve for 'n' by taking LOG of both sides
log 4 = n log 1.1
log 4/log 1.1 = n = 14.54 years - ~~ 15 years