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.)

asked Nov 7, 2021 5.3k views

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.)

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Answer:

14.3

Explanation:

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

y=log1.08(3)

Paritosh answered Nov 14, 2021

6.4k points

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