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6 November, 06:03

If you pute $2000 into an interest bearing account, where interest is compound quarterly (4 times a year) at 6%, how long will it take for your money to triple

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  1. 6 November, 09:18
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    So it will take roughly 18.4471905815477 years.

    (round appropriately if needed)

    Step-by-step explanation:

    A=P (1+r/n) ^ (nt)

    6000=2000 (1+0.06/4) ^ (4*t)

    6000/2000 = (1+0.06/4) ^ (4*t)

    3 = (1+0.06/4) ^ (4*t)

    3 = (1.015) ^ (4*t)

    log (3) = log ((1.015) ^ (4*t))

    log (3) = 4*t*log (1.015)

    log (3) / (4*log (1.015)) = t

    t = log (3) / (4*log (1.015))

    t = 18.4471905815477
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