Find the time required for an investment of $3000 to grow to $8000 at an interest rate of 6.5% per year, compounded quarterly. (Round your answer to two decimal places.)

Question

Find the time required for an investment of $3000 to grow to $8000 at an interest rate of 6.5% per year, compounded quarterly. (Round your answer to two decimal places.)

Answer 1

8000 = 3000(1 + 0.065/4)⁴ⁿ

8000/3000 = (1 + 0.065/4)⁴ⁿ

ln(8000/3000) = 4nln(1 + 0.065/4)

n = ln(8000/3000)/4ln(1 + 0.065/4)

n = 15.21