Problema Solution
If $8,000 is placed in an account with an annual interest rate of 6%, how long will it take the amount to quadruple if the interest is compounded annually? Round your answer to two decimal places.
Answer provided by our tutors
Solution:
4(8000) = 8000(1+0.06)t
4 = (1.06)t
log 4 = t log 1.06
t = 23.79 years