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3 votes
3 votes
How many years will it take for $300 to Triple if compounded quarterly at 1.5%?

User Jeremy Zerr
by
2.1k points

1 Answer

14 votes
14 votes

Answer:

73.4

Explanation:

900 = 300 ( 1 + 0.015/3)^3t

900 = 300 ( 1 + 0.005)^3t

900 = 300 (1.005)^3t

900/300 = (1.005)^3t

3 = [(1.005)^3]^t

3 = 1.015075^t

log_(1.015075) 3 = t

t = 73.42437337636

User Hoatzin
by
2.7k points