If $6,000 is placed in an account with an annual interest rate of 3.5%, how long will it take the amount to quadruple if the interest is compounded annually? Round your answer to two decimal places.
The formula to use is A=p(1+(r/n))^(nt) P= principle R= rate N= number of times it's compounded per year T= time in years Quadruple means 4 times 24000=6000(1+.035)^t Divide by 6000 4= (1.035)^t To bring the variable out of the power you take the log of both sides. Log4= t Log1.035 Divide both sides by log1.035 (Log4)/(log1.035)=t 40.30=t
