how long will it take, in years, to triple a 300$ initial investment in an account that pay 4.3% compounded quarterly?

Answer 1

900 = 300(1 + 0.043/4)^4t

3 = (1 + 0.043/4)^4t

log(3) = 4tlog(1 + 0.043/2)

t = log(3)/4log(1 + 0.043/2)

t = 12.9 years

Answer 2

1.043 ($300) x Y/4 = &900

4(1.043Y) 300 = 4x900

4.132 (Y) = 3600/300

Y = 12/4.132

Y = 2.9 Years

The initial investment of $300 compounded quarterly at 4.3% is tripled to $900 in 2.9yrs