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If Jim invests $1000, how many years will it take for him to have $3000 given 8% interest compounded quarterly? (round to 1 decimal place.)
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3 votes
If Jim invests $1000, how many years will it take for him

to have $3000 given 8% interest compounded
quarterly? (round to 1 decimal place.)

User Chris King
by
8.2k points

1 Answer

0 votes

Answer:

14.3

Explanation:

1000 * (1.08)^y = 3000 where y is the no of years

y=log1.08(3)

User Paritosh
by
8.4k points
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