Problema Solution
If $8,000 is placed in an account with an annual interest rate of 4%, 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
32000 = 8000 * (1 + 0.04)^x
4 = (1 + 0.04)^x
4 = (1.04)^x
log [1.04] 4 = x
x = 35.35 years