Question

How many years will it take for $300 to Triple if compounded quarterly at 1.5%?

Answer 1

73.4

Explanation:

900 = 300 ( 1 + 0.015/3)^3t

900 = 300 ( 1 + 0.005)^3t

900 = 300 (1.005)^3t

900/300 = (1.005)^3t

3 = [(1.005)^3]^t

3 = 1.015075^t

log_(1.015075) 3 = t

t = 73.42437337636